Tapestry (NYSE:TPR) Price Target Increased to $66.00 by Analysts at JPMorgan Chase & Co.

Tapestry (NYSE:TPR) had its target price raised by JPMorgan Chase & Co. from $51.00 to $66.00 in a research report report published on Friday, Benzinga reports. The firm currently has an overweight rating on the luxury accessories retailer’s stock.

A number of other research firms also recently commented on TPR. UBS Group dropped their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Wells Fargo & Company lifted their price objective on Tapestry from $50.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday. StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday, September 25th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research report on Thursday, August 15th. Finally, Citigroup dropped their price target on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.73.

Tapestry Trading Up 13.5 %

TPR stock traded up $6.02 during midday trading on Friday, hitting $50.49. The stock had a trading volume of 17,253,323 shares, compared to its average volume of 3,241,892. The company’s 50-day moving average price is $43.54 and its 200 day moving average price is $41.89. Tapestry has a 12-month low of $25.99 and a 12-month high of $51.58. The firm has a market cap of $11.60 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period last year, the company earned $0.95 earnings per share. The company’s quarterly revenue was down 1.8% on a year-over-year basis. On average, equities research analysts predict that Tapestry will post 4.47 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s dividend payout ratio is currently 37.04%.

Hedge Funds Weigh In On Tapestry

A number of hedge funds have recently added to or reduced their stakes in the business. Waldron Private Wealth LLC bought a new position in shares of Tapestry in the 3rd quarter worth about $25,000. Fidelis Capital Partners LLC acquired a new position in Tapestry in the first quarter valued at approximately $35,000. BNP Paribas bought a new position in shares of Tapestry during the first quarter valued at approximately $38,000. Massmutual Trust Co. FSB ADV raised its position in shares of 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 purchasing an additional 328 shares during the period. Finally, Blue Trust Inc. lifted its holdings 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 worth $50,000 after purchasing an additional 556 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Company Profile

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.