Tapestry (NYSE:TPR) Given New $58.00 Price Target at Robert W. Baird

Tapestry (NYSE:TPR) had its price objective lifted by Robert W. Baird from $53.00 to $58.00 in a report released on Friday morning,Benzinga reports. They currently have an outperform rating on the luxury accessories retailer’s stock.

Several other brokerages have also commented on TPR. UBS Group decreased their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Wells Fargo & Company raised their price objective on Tapestry from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Bank of America lifted their price target on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Telsey Advisory Group restated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a report on Thursday. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.06.

Tapestry Price Performance

Shares of NYSE:TPR traded up $0.67 during trading on Friday, reaching $52.22. The company had a trading volume of 3,566,430 shares, compared to its average volume of 3,846,210. The stock has a market capitalization of $12.16 billion, a P/E ratio of 14.88, a price-to-earnings-growth ratio of 1.85 and a beta of 1.53. Tapestry has a 12 month low of $27.55 and a 12 month high of $52.50. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The company has a fifty day moving average of $45.28 and a two-hundred day moving average of $42.47.

Tapestry (NYSE:TPR) last announced 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 firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.95 earnings per share. Equities research analysts forecast that Tapestry will post 4.46 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio is currently 39.89%.

Institutional Investors Weigh In On Tapestry

A number of institutional investors have recently made changes to their positions in TPR. Banque Cantonale Vaudoise acquired a new position in shares of Tapestry during the third quarter worth $251,000. Caprock Group LLC purchased a new stake in shares of Tapestry during the 3rd quarter worth approximately $240,000. Quest Partners LLC grew its position in shares of Tapestry by 243.5% during the 3rd quarter. Quest Partners LLC now owns 43,563 shares of the luxury accessories retailer’s stock valued at $2,047,000 after purchasing an additional 30,882 shares in the last quarter. Claro Advisors LLC purchased a new position in Tapestry in the third quarter worth $559,000. Finally, Valley Wealth Managers Inc. lifted its stake in Tapestry by 2.1% in the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock worth $19,971,000 after purchasing an additional 8,833 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.