Tapestry (NYSE:TPR) Price Target Increased to $47.00 by Analysts at The Goldman Sachs Group

Tapestry (NYSE:TPRFree Report) had its price objective hoisted by The Goldman Sachs Group from $41.00 to $47.00 in a research note published on Friday, Benzinga reports. The firm currently has a buy rating on the luxury accessories retailer’s stock.

Several other brokerages have also recently commented on TPR. Raymond James increased their price target on Tapestry from $40.00 to $44.00 and gave the company an outperform rating in a research report on Tuesday, January 30th. BMO Capital Markets cut their price objective on Tapestry from $43.00 to $39.00 and set a market perform rating for the company in a research report on Friday, November 10th. Morgan Stanley reaffirmed an equal weight rating and issued a $38.00 price objective on shares of Tapestry in a research report on Tuesday, December 12th. Evercore ISI upgraded Tapestry from an in-line rating to an outperform rating and increased their target price for the stock from $30.00 to $50.00 in a research note on Monday, February 5th. Finally, Wells Fargo & Company increased their target price on Tapestry from $50.00 to $60.00 and gave the stock an overweight rating in a research note on Friday, February 2nd. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $47.50.

Read Our Latest Research Report on Tapestry

Tapestry Trading Up 3.4 %

NYSE TPR opened at $43.44 on Friday. Tapestry has a 12 month low of $25.99 and a 12 month high of $45.72. The stock has a 50-day simple moving average of $37.36 and a 200 day simple moving average of $33.57. The company has a market capitalization of $9.96 billion, a PE ratio of 10.97, a P/E/G ratio of 0.86 and a beta of 1.51. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90.

Tapestry (NYSE:TPRGet Free Report) last announced its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.17. The company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.05 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.36 earnings per share. Research analysts forecast that Tapestry will post 4.25 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 25th. Investors of record on Friday, March 8th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend is Thursday, March 7th. Tapestry’s payout ratio is 35.35%.

Institutional Trading of Tapestry

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Republic Investment Management Inc. increased its holdings in Tapestry by 1.4% during the 2nd quarter. First Republic Investment Management Inc. now owns 52,495 shares of the luxury accessories retailer’s stock worth $2,247,000 after purchasing an additional 747 shares in the last quarter. FDx Advisors Inc. boosted its stake in shares of Tapestry by 34.5% in the 3rd quarter. FDx Advisors Inc. now owns 8,735 shares of the luxury accessories retailer’s stock worth $251,000 after buying an additional 2,240 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Tapestry by 189.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 228,045 shares of the luxury accessories retailer’s stock worth $6,556,000 after buying an additional 149,268 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Tapestry by 1.3% in the 2nd quarter. BlackRock Inc. now owns 16,365,540 shares of the luxury accessories retailer’s stock worth $700,445,000 after buying an additional 210,261 shares during the last quarter. Finally, CWM LLC lifted its stake in Tapestry by 2.3% in the second quarter. CWM LLC now owns 19,418 shares of the luxury accessories retailer’s stock valued at $831,000 after purchasing an additional 438 shares during the last quarter. 92.12% of the stock is owned by institutional investors.

About Tapestry

(Get Free Report)

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.

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Analyst Recommendations for Tapestry (NYSE:TPR)

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