Brokerages Set Tapestry, Inc. (NYSE:TPR) Target Price at $61.24

Tapestry, Inc. (NYSE:TPR) has been assigned a consensus recommendation of “Moderate Buy” from the seventeen research firms that are currently covering the stock, MarketBeat reports. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $64.76.

A number of brokerages have issued reports on TPR. Citigroup boosted their price target on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Wells Fargo & Company upped their target price on shares of Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. BMO Capital Markets raised their price target on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. Raymond James reaffirmed an “outperform” rating and set a $57.00 price objective (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Finally, Barclays upgraded Tapestry from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $57.00 to $87.00 in a research note on Wednesday.

Tapestry Trading Down 1.9 %

Shares of NYSE TPR opened at $67.25 on Wednesday. The stock has a fifty day simple moving average of $60.62 and a 200-day simple moving average of $48.76. Tapestry has a twelve month low of $35.23 and a twelve month high of $69.09. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The stock has a market capitalization of $15.67 billion, a PE ratio of 19.44, a PEG ratio of 1.80 and a beta of 1.58.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were paid a $0.35 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 2.08%. Tapestry’s dividend payout ratio is currently 40.46%.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the sale, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

A number of large investors have recently made changes to their positions in the company. Waldron Private Wealth LLC purchased a new stake in shares of Tapestry in the third quarter valued at about $25,000. Brooklyn Investment Group acquired a new position in Tapestry in the 3rd quarter valued at about $47,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Tapestry during the 2nd quarter valued at approximately $68,000. Abich Financial Wealth Management LLC acquired a new stake in Tapestry during the 2nd quarter worth approximately $69,000. Finally, Deseret Mutual Benefit Administrators grew its stake in shares of Tapestry by 68.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after purchasing an additional 605 shares during the last quarter. 90.77% of the stock is 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.