Tapestry (NYSE:TPR) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Tapestry (NYSE:TPR) had its target price increased by Robert W. Baird from $58.00 to $64.00 in a report released on Friday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the luxury accessories retailer’s stock.

Several other equities analysts also recently weighed in on TPR. Bank of America raised their price objective on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. TD Cowen cut Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research report on Tuesday, October 29th. Raymond James reiterated an “outperform” rating and issued a $57.00 price objective (up from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Wells Fargo & Company raised their target price on shares of Tapestry from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, The Goldman Sachs Group upped their price target on shares of Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a report on Monday, October 21st. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $57.82.

Tapestry Trading Down 1.2 %

Shares of TPR opened at $56.55 on Friday. Tapestry has a twelve month low of $30.19 and a twelve month high of $58.49. 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 firm has a market capitalization of $13.18 billion, a P/E ratio of 16.34, a PEG ratio of 1.99 and a beta of 1.53. The firm’s 50-day moving average is $46.85 and its two-hundred day moving average is $43.12.

Tapestry Dividend Announcement

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

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.18% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Pacer Advisors Inc. increased its stake in Tapestry by 53.1% during the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after acquiring an additional 2,087,586 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in Tapestry during the 3rd quarter worth approximately $64,016,000. Clearbridge Investments LLC purchased a new position in Tapestry in the first quarter valued at approximately $54,055,000. AQR Capital Management LLC lifted its position in Tapestry by 235.9% during the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after buying an additional 1,051,743 shares in the last quarter. Finally, Coronation Fund Managers Ltd. lifted its position in Tapestry by 265.1% during the second quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock valued at $44,700,000 after buying an additional 758,539 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

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.