Tapestry (NYSE:TPR) Price Target Raised to $115.00

Tapestry (NYSE:TPR) had its price objective increased by Morgan Stanley from $90.00 to $115.00 in a research report sent to investors on Friday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the luxury accessories retailer’s stock.

Several other research analysts have also commented on TPR. Wells Fargo & Company reiterated an “overweight” rating and issued a $100.00 target price (up previously from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Cowen raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, June 12th. UBS Group increased their target price on shares of Tapestry from $68.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. The Goldman Sachs Group lifted their price target on shares of Tapestry from $84.00 to $93.00 and gave the company a “buy” rating in a report on Friday, May 9th. Finally, Barclays reiterated an “overweight” rating and set a $105.00 price objective (up previously from $98.00) on shares of Tapestry in a research note on Friday, July 11th. Four investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $97.56.

Tapestry Stock Performance

Shares of TPR stock opened at $106.32 on Friday. The company’s fifty day simple moving average is $91.01 and its 200-day simple moving average is $80.35. Tapestry has a 52 week low of $35.23 and a 52 week high of $110.44. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The company has a market cap of $22.08 billion, a PE ratio of 27.98, a P/E/G ratio of 2.14 and a beta of 1.51.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the business posted $0.81 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Tapestry will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.3%. Tapestry’s payout ratio is 36.84%.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the transaction, the chief executive officer owned 116,062 shares of the company’s stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the completion of the sale, the vice president directly owned 40,922 shares of the company’s stock, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

Institutional Investors Weigh In On Tapestry

Institutional investors have recently made changes to their positions in the company. Curat Global LLC acquired a new position in Tapestry during the first quarter worth $382,000. China Universal Asset Management Co. Ltd. bought a new stake in shares of Tapestry during the 1st quarter worth about $1,708,000. Nisa Investment Advisors LLC boosted its stake in shares of Tapestry by 16.7% during the 1st quarter. Nisa Investment Advisors LLC now owns 63,342 shares of the luxury accessories retailer’s stock worth $4,460,000 after acquiring an additional 9,049 shares in the last quarter. Abacus FCF Advisors LLC increased its holdings in shares of Tapestry by 46.2% during the 4th quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer’s stock valued at $2,972,000 after acquiring an additional 14,384 shares during the last quarter. Finally, Allworth Financial LP raised its stake in shares of Tapestry by 689.0% in the 1st quarter. Allworth Financial LP now owns 13,374 shares of the luxury accessories retailer’s stock valued at $913,000 after acquiring an additional 11,679 shares in the last quarter. 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.