Tapestry (NYSE:TPR) Price Target Raised to $73.00

Tapestry (NYSE:TPR) had its target price raised by UBS Group from $68.00 to $73.00 in a research report report published on Friday,Benzinga reports. UBS Group currently has a neutral rating on the luxury accessories retailer’s stock.

Other equities analysts also recently issued reports about the company. Morgan Stanley upgraded Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective for the company in a research report on Thursday. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. Guggenheim increased their price target on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Telsey Advisory Group restated an “outperform” rating and set a $92.00 price objective on shares of Tapestry in a research note on Friday. Finally, Barclays decreased their target price on shares of Tapestry from $100.00 to $83.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $82.22.

Tapestry Trading Up 0.6%

Shares of NYSE TPR opened at $78.00 on Friday. Tapestry has a 12-month low of $35.23 and a 12-month high of $90.85. The company has a market cap of $16.15 billion, a price-to-earnings ratio of 22.61, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The stock’s 50 day simple moving average is $69.75 and its 200 day simple moving average is $68.11.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.81 earnings per share. Equities research analysts expect that Tapestry will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.79%. Tapestry’s dividend payout ratio is 40.58%.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction on Friday, February 21st. The stock was sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the sale, the chief executive officer now owns 201,531 shares of the company’s stock, valued at approximately $17,652,100.29. This trade represents a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the completion of the sale, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. The trade was a 14.93% decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,537 shares of company stock valued at $5,730,589 over the last three months. 1.18% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tapestry

Large investors have recently added to or reduced their stakes in the stock. Harbour Investments Inc. lifted its stake in shares of Tapestry by 120.1% in the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after buying an additional 197 shares during the last quarter. Greenline Partners LLC acquired a new position in Tapestry during the 4th quarter worth $29,000. MorganRosel Wealth Management LLC bought a new stake in Tapestry during the first quarter valued at about $35,000. Opal Wealth Advisors LLC bought a new stake in Tapestry during the first quarter valued at about $35,000. Finally, Coppell Advisory Solutions LLC grew its position in shares of Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock valued at $34,000 after purchasing an additional 150 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

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.