Tapestry (NYSE:TPR) Sets New 52-Week High Following Analyst Upgrade

Shares of Tapestry, Inc. (NYSE:TPR) reached a new 52-week high during trading on Friday after Citigroup raised their price target on the stock from $49.00 to $55.00. Citigroup currently has a buy rating on the stock. Tapestry traded as high as $50.40 and last traded at $50.40, with a volume of 199073 shares traded. The stock had previously closed at $44.47.

Other equities research analysts have also issued reports about the company. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday, September 25th. Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research report on Thursday, August 15th. Bank of America raised their price objective on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday. The Goldman Sachs Group upped their target price on shares of Tapestry from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Wells Fargo & Company increased their target price on shares of Tapestry from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.73.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Park Avenue Securities LLC grew its stake in shares of Tapestry by 22.7% in the first quarter. Park Avenue Securities LLC now owns 9,664 shares of the luxury accessories retailer’s stock worth $459,000 after acquiring an additional 1,785 shares in the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in shares of Tapestry in the 1st quarter worth $253,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Tapestry in the 1st quarter valued at approximately $260,000. Norden Group LLC acquired a new position in Tapestry during the first quarter worth $297,000. Finally, Uncommon Cents Investing LLC lifted its position in shares of Tapestry by 1.8% during the 1st quarter. Uncommon Cents Investing LLC now owns 28,305 shares of the luxury accessories retailer’s stock valued at $1,344,000 after acquiring an additional 510 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Trading Up 13.5 %

The firm has a market cap of $11.60 billion, a PE ratio of 13.36, a PEG ratio of 1.67 and a beta of 1.53. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The business has a 50-day moving average price of $43.54 and a two-hundred day moving average price of $41.88.

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

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.77%. The ex-dividend date was Friday, September 6th. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

About Tapestry

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.