Tapestry (NYSE:TPR) Price Target Raised to $94.00

Tapestry (NYSE:TPR) had its price target lifted by Citigroup from $81.00 to $94.00 in a research report released on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the luxury accessories retailer’s stock.

A number of other brokerages have also recently commented on TPR. Raymond James restated an “outperform” rating and set a $88.00 price target (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. The Goldman Sachs Group dropped their target price on shares of Tapestry from $98.00 to $84.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. raised their price objective on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Jefferies Financial Group boosted their price target on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Finally, Evercore ISI increased their target price on Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $82.22.

Tapestry Stock Performance

Shares of NYSE TPR opened at $78.00 on Friday. The firm has a market capitalization of $16.15 billion, a price-to-earnings ratio of 22.61, a PEG ratio of 2.01 and a beta of 1.41. Tapestry has a one year low of $35.23 and a one year high of $90.85. The business has a fifty day simple moving average of $69.75 and a 200 day simple moving average of $68.11. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.14. The firm had revenue of $1.58 billion for 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 business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 EPS. Sell-side analysts expect that Tapestry will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.79%. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Insider Buying and Selling

In other Tapestry news, CEO Todd Kahn sold 21,107 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the sale, the chief executive officer now owns 176,985 shares of the company’s stock, valued at approximately $14,866,740. This trade represents a 10.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the sale, the general counsel now owns 38,609 shares in the company, valued at approximately $3,397,592. The trade was a 23.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is owned by company insiders.

Institutional Trading of Tapestry

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Harbour Investments Inc. boosted its stake in shares of Tapestry by 120.1% in the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock valued at $25,000 after purchasing an additional 197 shares during the last quarter. Greenline Partners LLC bought a new stake in Tapestry during the 4th quarter worth approximately $29,000. Coppell Advisory Solutions LLC raised its position in Tapestry by 40.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock valued at $34,000 after buying an additional 150 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Tapestry in the first quarter valued at about $35,000. Finally, MorganRosel Wealth Management LLC purchased a new stake in Tapestry in the 1st quarter valued at about $35,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.