Tapestry (NYSE:TPR) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Tapestry (NYSE:TPR) had its target price increased by The Goldman Sachs Group from $58.00 to $66.00 in a research report released on Friday,Benzinga reports. The firm currently has a buy rating on the luxury accessories retailer’s stock.

A number of other brokerages have also recently issued reports on TPR. Robert W. Baird lifted their target price on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday. Evercore ISI boosted their price target on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Citigroup raised their price objective 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. Raymond James reissued an “outperform” rating and set a $57.00 target price (up from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. increased their price target on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.69.

Tapestry Stock Performance

TPR stock traded down $0.59 on Friday, reaching $57.23. The company’s stock had a trading volume of 4,444,887 shares, compared to its average volume of 3,337,417. The firm has a fifty day moving average of $46.55 and a two-hundred day moving average of $42.95. 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 company has a market capitalization of $13.34 billion, a P/E ratio of 16.54, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53. Tapestry has a 52 week low of $29.83 and a 52 week high of $58.49.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating 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 analyst estimates of $1.58 billion. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The company’s revenue was down 1.8% on a year-over-year basis. As a group, analysts predict that Tapestry will post 4.54 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

Institutional Investors Weigh In On Tapestry

Several hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its holdings 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 worth $5,068,000 after buying an additional 2,599 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Tapestry in the 1st quarter valued at about $360,000. State Board of Administration of Florida Retirement System lifted its holdings in shares of Tapestry by 6.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 279,772 shares of the luxury accessories retailer’s stock worth $13,284,000 after purchasing an additional 15,828 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake 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 purchased a new stake in shares of Tapestry in the first quarter worth approximately $216,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.