Tapestry (NYSE:TPR) Price Target Increased to $60.00 by Analysts at Bank of America

Tapestry (NYSE:TPR) had its price objective hoisted by Bank of America from $52.00 to $60.00 in a research report report published on Friday morning, Benzinga reports. They currently have a buy rating on the luxury accessories retailer’s stock.

Several other analysts also recently commented on TPR. The Goldman Sachs Group lifted their target price on Tapestry from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research report on Thursday, August 15th. Evercore ISI raised their price target on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday. JPMorgan Chase & Co. boosted their price objective 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 upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, September 25th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.73.

Tapestry Price Performance

Shares of NYSE:TPR opened at $50.47 on Friday. The company has a market capitalization of $11.60 billion, a PE ratio of 13.35, a PEG ratio of 1.67 and a beta of 1.53. The business has a fifty day moving average price of $43.74 and a 200-day moving average price of $41.95. Tapestry has a 1-year low of $25.99 and a 1-year high of $51.96. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66.

Tapestry (NYSE:TPR) last released its quarterly earnings data 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. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. Tapestry’s revenue was down 1.8% compared to the same quarter last year. During the same period last year, the business earned $0.95 EPS. As a group, equities analysts expect that Tapestry will post 4.47 EPS for the current fiscal year.

Tapestry Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Bessemer Group Inc. raised its stake in Tapestry by 1,328.8% during the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock worth $1,432,000 after acquiring an additional 28,038 shares during the period. Manning & Napier Advisors LLC purchased a new position in shares of Tapestry during the 2nd quarter valued at $3,718,000. Lazard Asset Management LLC boosted its holdings in Tapestry by 611.8% in the 1st quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock worth $3,019,000 after buying an additional 54,679 shares during the period. Clearbridge Investments LLC purchased a new stake in Tapestry in the 1st quarter worth $54,055,000. Finally, SG Americas Securities LLC lifted its position in shares of Tapestry by 174.8% in the first quarter. SG Americas Securities LLC now owns 95,076 shares of the luxury accessories retailer’s stock valued at $4,514,000 after acquiring an additional 60,480 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

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.