Telsey Advisory Group Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Tapestry (NYSE:TPR) had its price target upped by Telsey Advisory Group from $58.00 to $67.00 in a research note issued to investors on Friday, Marketbeat Ratings reports. Telsey Advisory Group currently has an outperform rating on the luxury accessories retailer’s stock.

Other equities research analysts have also recently issued research reports about the stock. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a research report on Tuesday, October 29th. Bank of America lifted their price target on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. increased their price target on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Raymond James reaffirmed an “outperform” rating and issued a $57.00 price objective (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Finally, StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.69.

Tapestry Stock Performance

Tapestry stock traded down $0.59 during trading hours on Friday, hitting $57.23. The company had a trading volume of 4,444,887 shares, compared to its average volume of 3,337,417. The firm has a 50-day moving average of $46.55 and a 200 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 firm has a market cap of $13.34 billion, a PE ratio of 16.54, a PEG ratio of 1.78 and a beta of 1.53. Tapestry has a one year low of $29.83 and a one year high of $58.49.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping 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 analysts’ expectations of $1.58 billion. During the same period last year, the firm posted $0.95 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, sell-side analysts expect that Tapestry will post 4.54 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is 40.46%.

Hedge Funds Weigh In On Tapestry

Several large investors have recently bought and sold shares of the company. Waldron Private Wealth LLC acquired a new position in shares of Tapestry during the third quarter worth $25,000. Massmutual Trust Co. FSB ADV lifted its holdings in Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 shares during the period. Brooklyn Investment Group acquired a new position in Tapestry during the 3rd quarter worth about $47,000. Blue Trust Inc. grew its position in shares of Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after buying an additional 556 shares during the last quarter. Finally, MUFG Securities EMEA plc increased its stake in shares of Tapestry by 34.9% in the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after buying an additional 317 shares during the period. 90.77% of the stock is currently 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.