Evercore ISI Raises Tapestry (NYSE:TPR) Price Target to $74.00

Tapestry (NYSE:TPR) had its price objective raised by Evercore ISI from $68.00 to $74.00 in a research report released on Monday,Benzinga reports. The firm currently has an outperform rating on the luxury accessories retailer’s stock.

A number of other equities research analysts also recently commented on the company. UBS Group upped their price objective on Tapestry from $57.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Bank of America increased their price target on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 25th. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. TD Cowen lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a report on Tuesday, October 29th. Finally, Citigroup boosted their price target on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $65.56.

Tapestry Price Performance

TPR opened at $74.43 on Monday. The company has a fifty day moving average price of $65.88 and a two-hundred day moving average price of $51.70. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The firm has a market capitalization of $17.35 billion, a PE ratio of 21.51, a P/E/G ratio of 2.07 and a beta of 1.58. Tapestry has a 52 week low of $35.23 and a 52 week high of $75.78.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.88%. The ex-dividend date was Friday, December 6th. Tapestry’s payout ratio is 40.46%.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction 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. This represents a 20.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

A number of hedge funds and other institutional investors have recently modified their holdings of TPR. Charles Schwab Investment Management Inc. boosted its position in Tapestry by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after purchasing an additional 272,007 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock worth $285,580,000 after purchasing an additional 58,135 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Tapestry by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after buying an additional 80,681 shares during the last quarter. Westfield Capital Management Co. LP grew its stake in shares of Tapestry by 14.8% in the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after buying an additional 219,544 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Tapestry by 8.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,414,618 shares of the luxury accessories retailer’s stock worth $66,459,000 after buying an additional 115,340 shares during the last quarter. Institutional investors and hedge funds 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.