Barclays Upgrades Tapestry (NYSE:TPR) to Overweight

Barclays upgraded shares of Tapestry (NYSE:TPR) from an equal weight rating to an overweight rating in a research report report published on Wednesday, Marketbeat.com reports. They currently have $87.00 price target on the luxury accessories retailer’s stock, up from their previous price target of $57.00.

Other equities analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. lifted their target price on shares of Tapestry from $66.00 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Jefferies Financial Group raised Tapestry from a “hold” rating to a “buy” rating and boosted their target price for the company from $50.00 to $80.00 in a research note on Thursday, December 19th. Citigroup boosted their price objective on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Bank of America raised their target price on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Wells Fargo & Company upped their price target on shares of Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $63.00.

Tapestry Trading Up 1.9 %

TPR stock opened at $68.62 on Wednesday. The company has a market capitalization of $15.99 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 1.80 and a beta of 1.58. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry has a one year low of $35.23 and a one year high of $69.09. The company’s 50 day moving average price is $60.19 and its two-hundred day moving average price is $48.62.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were issued a dividend of $0.35 per share. The ex-dividend date was Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.04%. Tapestry’s dividend payout ratio (DPR) is 40.46%.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the sale, the vice president now owns 35,003 shares of the company’s stock, valued at $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tapestry

Several large investors have recently made changes to their positions in the business. Waldron Private Wealth LLC purchased a new position in Tapestry in the third quarter worth about $25,000. Brooklyn Investment Group purchased a new position in Tapestry in the 3rd quarter worth approximately $47,000. Deseret Mutual Benefit Administrators boosted its stake in Tapestry by 68.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after purchasing an additional 605 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Tapestry in the second quarter worth $68,000. Finally, Transamerica Financial Advisors Inc. boosted its position in shares of Tapestry by 159,100.0% during the third quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock valued at $75,000 after buying an additional 1,591 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other 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.