Tapestry (NYSE:TPR) Price Target Increased to $52.00 by Analysts at The Goldman Sachs Group

Tapestry (NYSE:TPR) had its target price lifted by The Goldman Sachs Group from $47.00 to $52.00 in a research note published on Monday morning, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the luxury accessories retailer’s stock.

Other research analysts also recently issued research reports about the company. UBS Group cut their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a research report on Thursday, August 15th. StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, September 25th. Wells Fargo & Company cut their target price on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Finally, Evercore ISI decreased their price target on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.43.

Tapestry Price Performance

Tapestry stock opened at $43.54 on Monday. The business’s 50-day simple moving average is $43.12 and its 200 day simple moving average is $41.81. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. The stock has a market cap of $10.00 billion, a price-to-earnings ratio of 11.52, a P/E/G ratio of 1.67 and a beta of 1.53. Tapestry has a 12-month low of $25.99 and a 12-month high of $48.80.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 EPS. As a group, research analysts anticipate that Tapestry will post 4.47 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s payout ratio is 37.04%.

Hedge Funds Weigh In On Tapestry

Large investors have recently modified their holdings of the business. Bessemer Group Inc. boosted its position in Tapestry by 1,328.8% during the first quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after purchasing an additional 28,038 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Tapestry during the second quarter worth $3,718,000. Lazard Asset Management LLC raised its position in Tapestry by 611.8% during the first quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock worth $3,019,000 after acquiring an additional 54,679 shares in the last quarter. Clearbridge Investments LLC acquired a new stake in Tapestry in the first quarter valued at $54,055,000. Finally, SG Americas Securities LLC grew its position in shares of Tapestry by 174.8% in the 1st quarter. SG Americas Securities LLC now owns 95,076 shares of the luxury accessories retailer’s stock valued at $4,514,000 after acquiring an additional 60,480 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.