The Goldman Sachs Group Boosts Tapestry (NYSE:TPR) Price Target to $52.00

Tapestry (NYSE:TPR) had its price objective hoisted by The Goldman Sachs Group from $47.00 to $52.00 in a report published on Monday, Benzinga reports. They currently have a buy rating on the luxury accessories retailer’s stock.

A number of other analysts also recently issued reports on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, August 16th. UBS Group lowered their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Evercore ISI reduced their price objective on Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Citigroup lowered their target price on Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Finally, StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday, September 25th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $47.43.

Tapestry Price Performance

Tapestry stock opened at $44.47 on Monday. Tapestry has a 52 week low of $25.99 and a 52 week high of $48.80. The company’s 50 day moving average price is $43.34 and its two-hundred day moving average price is $41.84. The stock has a market cap of $10.22 billion, a P/E ratio of 11.76, a P/E/G ratio of 1.67 and a beta of 1.53. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39.

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

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 3.15%. Tapestry’s dividend payout ratio is currently 37.04%.

Institutional Trading of Tapestry

Several institutional investors and hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its holdings in shares of Tapestry by 23.2% in the third quarter. Nisa Investment Advisors LLC now owns 67,622 shares of the luxury accessories retailer’s stock worth $3,177,000 after purchasing an additional 12,752 shares during the period. OMNI 360 Wealth Inc. grew its position in Tapestry by 12.6% during the third quarter. OMNI 360 Wealth Inc. now owns 12,242 shares of the luxury accessories retailer’s stock worth $575,000 after buying an additional 1,372 shares in the last quarter. State of Alaska Department of Revenue increased its stake in Tapestry by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 26,701 shares of the luxury accessories retailer’s stock worth $1,254,000 after acquiring an additional 1,815 shares during the last quarter. Valley National Advisers Inc. raised its holdings in shares of Tapestry by 10,006.1% in the 3rd quarter. Valley National Advisers Inc. now owns 43,153 shares of the luxury accessories retailer’s stock valued at $2,027,000 after acquiring an additional 42,726 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Tapestry by 218.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 70,947 shares of the luxury accessories retailer’s stock valued at $3,333,000 after acquiring an additional 48,691 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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.