Tapestry (NYSE:TPR) Given New $90.00 Price Target at Guggenheim

Tapestry (NYSE:TPR) had its target price raised by Guggenheim from $70.00 to $90.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a buy rating on the luxury accessories retailer’s stock.

A number of other brokerages have also recently commented on TPR. Daiwa America raised shares of Tapestry to a “hold” rating in a research report on Monday, November 18th. UBS Group lifted their target price on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday. TD Cowen cut Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a report on Tuesday, October 29th. The Goldman Sachs Group lifted their price objective on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Citigroup increased 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. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.17.

Tapestry Trading Down 2.3 %

Shares of TPR stock opened at $80.28 on Friday. Tapestry has a 1-year low of $35.23 and a 1-year high of $87.87. 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 $18.71 billion, a price-to-earnings ratio of 23.20, a PEG ratio of 2.07 and a beta of 1.58. The stock has a 50-day moving average of $68.08 and a 200-day moving average of $53.27.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. During the same quarter in the prior year, the firm posted $1.63 earnings per share. On average, equities research analysts forecast that Tapestry will post 4.63 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be issued a dividend of $0.35 per share. The ex-dividend date is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.74%. Tapestry’s dividend payout ratio (DPR) is currently 40.46%.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the sale, the vice president now 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 legal filing with the SEC, which is available through this hyperlink. 1.18% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Waldron Private Wealth LLC purchased a new stake in Tapestry in the 3rd quarter valued at about $25,000. Venturi Wealth Management LLC grew its holdings in shares of Tapestry by 78.0% in the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after acquiring an additional 252 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Tapestry during the third quarter valued at approximately $47,000. UMB Bank n.a. lifted its holdings in Tapestry by 72.9% during the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after acquiring an additional 496 shares during the period. Finally, Deseret Mutual Benefit Administrators lifted its holdings in Tapestry by 68.2% during the third quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after acquiring an additional 605 shares during the period. 90.77% of the stock is currently 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.