Tapestry (NYSE:TPR) Upgraded at Barclays

Barclays upgraded shares of Tapestry (NYSE:TPR) from an equal weight rating to an overweight rating in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. Barclays currently has $87.00 target price on the luxury accessories retailer’s stock, up from their previous target price of $57.00.

Other research analysts have also issued research reports about the stock. Jefferies Financial Group upgraded shares of Tapestry from a “hold” rating to a “buy” rating and raised their price target for the stock from $50.00 to $80.00 in a report on Thursday, December 19th. 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. Evercore ISI increased their target price on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Robert W. Baird upped their price objective on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Tapestry from $66.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and a consensus price target of $64.76.

Tapestry Stock Performance

NYSE:TPR opened at $67.25 on Wednesday. Tapestry has a 1-year low of $35.23 and a 1-year 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 cap of $15.67 billion, a P/E ratio of 19.44, a price-to-earnings-growth ratio of 1.80 and a beta of 1.58. The stock’s 50-day moving average is $60.62 and its 200-day moving average is $48.76.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend 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%.

Insider Buying and Selling at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction that occurred on 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 directly owns 35,003 shares in the company, valued at $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 SEC, which is available through this hyperlink. 1.18% of the stock is currently owned by corporate insiders.

Institutional Trading of Tapestry

A number of hedge funds have recently modified their holdings of TPR. Commonwealth Equity Services LLC increased its holdings in Tapestry by 1.4% during the second quarter. Commonwealth Equity Services LLC now owns 33,272 shares of the luxury accessories retailer’s stock valued at $1,424,000 after buying an additional 450 shares during the last quarter. TD Asset Management Inc raised its holdings in Tapestry by 5.6% during the second quarter. TD Asset Management Inc now owns 113,206 shares of the luxury accessories retailer’s stock valued at $4,844,000 after acquiring an additional 6,000 shares during the period. Choreo LLC bought a new position in shares of Tapestry in the second quarter worth about $242,000. Daiwa Securities Group Inc. grew its position in shares of Tapestry by 22.4% during the second quarter. Daiwa Securities Group Inc. now owns 9,239 shares of the luxury accessories retailer’s stock worth $395,000 after purchasing an additional 1,691 shares in the last quarter. Finally, MGO One Seven LLC lifted its holdings in Tapestry by 1.8% in the 2nd quarter. MGO One Seven LLC now owns 67,529 shares of the luxury accessories retailer’s stock worth $2,890,000 after purchasing an additional 1,195 shares in the last quarter. 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.