Guggenheim Raises Tapestry (NYSE:TPR) Price Target to $70.00

Tapestry (NYSE:TPR) had its target price hoisted by Guggenheim from $60.00 to $70.00 in a research note issued to investors on Friday,Benzinga reports. Guggenheim currently has a buy rating on the luxury accessories retailer’s stock.

A number of other research analysts have also weighed in on TPR. JPMorgan Chase & Co. increased their price target on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Citigroup lifted their price target on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, October 25th. Raymond James reiterated an “outperform” rating and set a $57.00 price objective (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Bank of America raised their target price on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Telsey Advisory Group upped their price target on shares of Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.69.

Tapestry Price Performance

TPR stock opened at $57.23 on Friday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry has a 1 year low of $29.83 and a 1 year high of $58.49. The stock’s 50 day moving average price is $46.55 and its 200 day moving average price is $42.99. The firm has a market cap of $13.34 billion, a P/E ratio of 16.54, a PEG ratio of 1.99 and a beta of 1.53.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period last year, the company earned $0.95 EPS. On average, sell-side analysts expect that Tapestry will post 4.56 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

Institutional Investors Weigh In On Tapestry

Institutional investors and hedge funds have recently modified their holdings of the stock. Waldron Private Wealth LLC purchased a new stake in shares of Tapestry during the third quarter valued at approximately $25,000. Massmutual Trust Co. FSB ADV raised its position in shares of Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after purchasing an additional 328 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Tapestry during the 3rd quarter valued at approximately $47,000. Blue Trust Inc. grew its position in shares of Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after buying an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc increased its stake in shares of Tapestry by 34.9% in the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after buying an additional 317 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

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.