Tapestry (NYSE:TPR) Price Target Raised to $70.00 at Guggenheim

Tapestry (NYSE:TPR) had its price objective boosted by Guggenheim from $60.00 to $70.00 in a research note published on Friday morning,Benzinga reports. They currently have a buy rating on the luxury accessories retailer’s stock.

A number of other research analysts have also weighed in on TPR. Raymond James reissued an “outperform” rating and set a $57.00 target price (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Telsey Advisory Group boosted their price target on shares of Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. upped their target price on shares of Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, Bank of America boosted their target price on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.69.

Tapestry Stock Performance

Shares of NYSE:TPR traded down $0.59 on Friday, hitting $57.23. The company’s stock had a trading volume of 4,444,887 shares, compared to its average volume of 3,337,417. The stock’s 50-day moving average is $46.55 and its two-hundred day moving average is $42.95. The company has a market capitalization of $13.34 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53. 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 12 month low of $29.83 and a 12 month high of $58.49.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the firm posted $0.95 EPS. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, equities research analysts forecast that Tapestry will post 4.54 EPS for the current year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be issued a $0.35 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 2.45%. Tapestry’s dividend payout ratio is currently 40.46%.

Hedge Funds Weigh In On Tapestry

Several institutional investors and hedge funds have recently modified their holdings of the business. Waldron Private Wealth LLC bought a new stake in shares of Tapestry during the 3rd quarter valued at approximately $25,000. Massmutual Trust Co. FSB ADV raised its position in shares of Tapestry by 54.0% during the second 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. Brooklyn Investment Group purchased a new position in shares of Tapestry during the third quarter valued at approximately $47,000. Blue Trust Inc. grew its stake 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 acquiring an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc lifted its position in shares of Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after buying an additional 317 shares in the last quarter. 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.