UBS Group Issues Positive Forecast for Tapestry (NYSE:TPR) Stock Price

Tapestry (NYSE:TPR) had its price target boosted by UBS Group from $73.00 to $112.00 in a research note released on Monday morning,Benzinga reports. UBS Group currently has a neutral rating on the luxury accessories retailer’s stock.

Several other analysts have also issued reports on the stock. Wall Street Zen lowered shares of Tapestry from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 18th. TD Cowen upgraded shares of Tapestry from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a research report on Thursday, June 12th. Argus lifted their target price on shares of Tapestry from $78.00 to $92.00 and gave the company a “buy” rating in a research report on Tuesday, June 17th. JPMorgan Chase & Co. lifted their target price on shares of Tapestry from $104.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, July 28th. Finally, Bank of America lowered shares of Tapestry from a “buy” rating to a “neutral” rating and lifted their target price for the company from $95.00 to $115.00 in a research report on Tuesday, July 29th. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.72.

Tapestry Stock Performance

NYSE TPR opened at $111.86 on Monday. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The firm has a market capitalization of $23.23 billion, a price-to-earnings ratio of 29.44, a P/E/G ratio of 2.14 and a beta of 1.51. The company’s fifty day moving average is $91.71 and its two-hundred day moving average is $80.64. Tapestry has a 52-week low of $35.23 and a 52-week high of $111.93.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.14. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the business posted $0.81 EPS. Equities research analysts forecast that Tapestry will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry’s dividend payout ratio (DPR) is currently 36.84%.

Insider Activity

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

Hedge Funds Weigh In On Tapestry

A number of institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. raised its stake in shares of Tapestry by 4.8% in the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer’s stock worth $527,799,000 after acquiring an additional 370,784 shares during the last quarter. Northern Trust Corp raised its stake in shares of Tapestry by 3.0% in the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer’s stock worth $183,909,000 after acquiring an additional 83,222 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Tapestry by 47.4% in the first quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer’s stock worth $177,405,000 after acquiring an additional 838,057 shares during the last quarter. Southpoint Capital Advisors LP raised its stake in shares of Tapestry by 25.0% in the first quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the luxury accessories retailer’s stock worth $176,025,000 after acquiring an additional 500,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Tapestry by 593.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer’s stock worth $143,198,000 after acquiring an additional 1,875,753 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

About Tapestry

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.