Tapestry (NYSE:TPR) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Tapestry (NYSE:TPR) had its price objective lifted by Wells Fargo & Company from $65.00 to $75.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the luxury accessories retailer’s stock.

A number of other analysts have also recently commented on TPR. Citigroup lifted their target price 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. Evercore ISI boosted their price objective on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, October 25th. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a research note on Tuesday, October 29th. JPMorgan Chase & Co. boosted their price target on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, Bank of America raised their price objective on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.69.

Tapestry Stock Down 1.0 %

Tapestry stock opened at $57.23 on Friday. Tapestry has a 1-year low of $29.83 and a 1-year high of $58.49. The business has a fifty day moving average price of $46.55 and a 200-day moving average price of $42.99. 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 has a market capitalization of $13.34 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.99 and a beta of 1.53.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the company earned $0.95 earnings per share. The company’s quarterly revenue was down 1.8% on a year-over-year basis. Equities research analysts forecast that Tapestry will post 4.56 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced 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. This represents a $1.40 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is 40.46%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Russell Investments Group Ltd. grew its position in shares of Tapestry by 2.5% during the 1st quarter. Russell Investments Group Ltd. now owns 106,750 shares of the luxury accessories retailer’s stock valued at $5,068,000 after acquiring an additional 2,599 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Tapestry during the first quarter worth approximately $360,000. State Board of Administration of Florida Retirement System grew its holdings in Tapestry by 6.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 279,772 shares of the luxury accessories retailer’s stock valued at $13,284,000 after purchasing an additional 15,828 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Tapestry by 21.6% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 159,818 shares of the luxury accessories retailer’s stock valued at $7,588,000 after buying an additional 28,355 shares in the last quarter. Finally, Blair William & Co. IL acquired a new position in shares of Tapestry during the 1st quarter worth approximately $216,000. Institutional investors and hedge funds 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.