Tapestry (NYSE:TPR) Price Target Raised to $55.00 at Citigroup

Tapestry (NYSE:TPR) had its price target boosted by Citigroup from $49.00 to $55.00 in a research note released on Friday, Benzinga reports. Citigroup currently has a buy rating on the luxury accessories retailer’s stock.

A number of other research analysts have also recently commented on the stock. Bank of America upped their target price on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday. Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a research note on Thursday, August 15th. Evercore ISI lifted their price target on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday. JPMorgan Chase & Co. upped their target price on shares of Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a report on Friday. Finally, StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday, September 25th. 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, Tapestry has a consensus rating of “Moderate Buy” and a consensus target price of $51.73.

Tapestry Trading Up 13.5 %

TPR stock opened at $50.49 on Friday. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. Tapestry has a 52-week low of $25.99 and a 52-week high of $51.58. The company’s 50-day simple moving average is $43.54 and its 200-day simple moving average is $41.89. The firm has a market cap of $11.60 billion, a P/E ratio of 13.36, a PEG ratio of 1.67 and a beta of 1.53.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS 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 business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the business earned $0.95 earnings per share. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. As a group, equities analysts forecast that Tapestry will post 4.47 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Shareholders 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 payout ratio is currently 37.04%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. abrdn plc lifted its holdings in Tapestry by 4.7% in the third quarter. abrdn plc now owns 39,127 shares of the luxury accessories retailer’s stock worth $1,840,000 after purchasing an additional 1,756 shares during the period. Pallas Capital Advisors LLC boosted its holdings in shares of Tapestry by 196.7% in the third quarter. Pallas Capital Advisors LLC now owns 17,195 shares of the luxury accessories retailer’s stock valued at $765,000 after acquiring an additional 11,399 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Tapestry by 23.2% during the third quarter. Nisa Investment Advisors LLC now owns 67,622 shares of the luxury accessories retailer’s stock valued at $3,177,000 after acquiring an additional 12,752 shares during the period. OMNI 360 Wealth Inc. increased its position in shares of Tapestry by 12.6% during the 3rd quarter. OMNI 360 Wealth Inc. now owns 12,242 shares of the luxury accessories retailer’s stock valued at $575,000 after purchasing an additional 1,372 shares during the period. Finally, State of Alaska Department of Revenue boosted its stake in Tapestry by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 26,701 shares of the luxury accessories retailer’s stock valued at $1,254,000 after buying an additional 1,815 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

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.