The Goldman Sachs Group Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Tapestry (NYSE:TPR) had its target price boosted by The Goldman Sachs Group from $58.00 to $66.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the luxury accessories retailer’s stock.

Several other research analysts have also commented on TPR. Citigroup boosted their price objective 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. Raymond James reaffirmed an “outperform” rating and set a $57.00 price target (up from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Telsey Advisory Group raised their price objective on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday. Robert W. Baird upped their target price on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday. Finally, UBS Group lowered their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.82.

Tapestry Price Performance

Shares of TPR stock opened at $56.55 on Friday. The company has a market cap of $13.18 billion, a P/E ratio of 16.34, a PEG ratio of 1.99 and a beta of 1.53. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The stock’s 50-day moving average is $46.85 and its 200 day moving average is $43.12. Tapestry has a 1-year low of $30.19 and a 1-year high of $58.49.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.48%. Tapestry’s payout ratio is 40.46%.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the transaction, the vice president now directly owns 35,003 shares in the company, valued at $2,028,773.88. The trade was a 20.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.18% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Redwood Investment Management LLC grew its position in shares of Tapestry by 0.4% during the 3rd quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer’s stock valued at $2,269,000 after acquiring an additional 204 shares during the period. Lebenthal Global Advisors LLC raised its stake in shares of Tapestry by 2.8% during the 3rd quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock worth $367,000 after buying an additional 215 shares during the period. OneDigital Investment Advisors LLC lifted its position in shares of Tapestry by 3.0% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock valued at $353,000 after buying an additional 218 shares in the last quarter. Mather Group LLC. grew its stake in Tapestry by 12.9% in the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock valued at $104,000 after acquiring an additional 249 shares during the period. Finally, Summit Trail Advisors LLC increased its holdings in Tapestry by 1.6% in the 3rd quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock worth $765,000 after acquiring an additional 251 shares in the last quarter. Hedge funds and other 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.