Tapestry’s (TPR) Equal Weight Rating Reiterated at Morgan Stanley

Morgan Stanley reiterated their equal weight rating on shares of Tapestry (NYSE:TPR) in a report released on Tuesday, Marketbeat reports. The brokerage currently has a $65.00 target price on the luxury accessories retailer’s stock.

Several other research analysts also recently commented on TPR. Barclays raised Tapestry from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $57.00 to $87.00 in a research note on Wednesday, January 8th. TD Cowen downgraded Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a research note on Tuesday, October 29th. Jefferies Financial Group raised Tapestry from a “hold” rating to a “buy” rating and raised their target price for the stock from $50.00 to $80.00 in a research note on Thursday, December 19th. Telsey Advisory Group raised their target price on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Finally, Wells Fargo & Company raised their target price on Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $64.78.

Tapestry Stock Up 0.3 %

NYSE TPR opened at $73.56 on Tuesday. The business has a fifty day moving average price of $64.47 and a 200 day moving average price of $50.77. Tapestry has a one year low of $35.23 and a one year high of $74.54. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The company has a market cap of $17.14 billion, a P/E ratio of 21.26, a P/E/G ratio of 2.09 and a beta of 1.58.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Friday, December 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is 40.46%.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the transaction, the vice president now directly owns 35,003 shares in the company, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.18% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tapestry

Several hedge funds and other institutional investors have recently made changes to their positions in TPR. Erste Asset Management GmbH purchased a new position in shares of Tapestry in the 3rd quarter valued at about $64,016,000. AQR Capital Management LLC boosted its stake in shares of Tapestry by 235.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after buying an additional 1,051,743 shares during the period. Bank of Montreal Can boosted its stake in shares of Tapestry by 76.6% in the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after buying an additional 539,793 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Tapestry by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after buying an additional 272,007 shares during the period. Finally, Westfield Capital Management Co. LP boosted its stake in shares of Tapestry by 14.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after buying an additional 219,544 shares during the period. Hedge funds and other 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.