Tapestry (NYSE:TPR) Price Target Raised to $70.00

Tapestry (NYSE:TPR) had its target price lifted by UBS Group from $57.00 to $70.00 in a report released on Friday morning,Benzinga reports. UBS Group currently has a neutral rating on the luxury accessories retailer’s stock.

A number of other equities analysts have also weighed in on the stock. Raymond James restated an “outperform” rating and issued a $57.00 price objective (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Barclays upgraded shares of Tapestry from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $57.00 to $87.00 in a research note on Wednesday, January 8th. BMO Capital Markets upped their price target on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, November 18th. Daiwa America raised Tapestry to a “hold” rating in a research note on Monday, November 18th. Finally, StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.76.

Tapestry Stock Performance

Tapestry stock opened at $67.25 on Friday. The stock has a market cap of $15.67 billion, a price-to-earnings ratio of 19.44, a PEG ratio of 1.80 and a beta of 1.58. The stock’s 50 day simple moving average is $61.02 and its two-hundred day simple moving average is $49.03. Tapestry has a fifty-two week low of $35.23 and a fifty-two week high of $69.09. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend was Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 8,872 shares of the business’s 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 completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.18% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TPR. Waldron Private Wealth LLC bought a new position in Tapestry during the third quarter worth $25,000. Brooklyn Investment Group acquired a new stake in shares of Tapestry in the 3rd quarter worth approximately $47,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Tapestry during the 2nd quarter valued at $68,000. Abich Financial Wealth Management LLC bought a new stake in Tapestry in the second quarter worth about $69,000. Finally, Deseret Mutual Benefit Administrators lifted its stake in Tapestry by 68.2% during the third 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.

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.