JPMorgan Chase & Co. Raises Tapestry (NYSE:TPR) Price Target to $47.00

Tapestry (NYSE:TPRGet Rating) had its price target raised by JPMorgan Chase & Co. from $46.00 to $47.00 in a report released on Tuesday, The Fly reports. JPMorgan Chase & Co. currently has an overweight rating on the luxury accessories retailer’s stock.

TPR has been the subject of a number of other research reports. Morgan Stanley lifted their price objective on shares of Tapestry from $35.00 to $36.00 and gave the company an equal weight rating in a report on Thursday, November 17th. Cowen raised their target price on shares of Tapestry from $40.00 to $46.00 and gave the company an outperform rating in a research report on Friday, August 19th. Credit Suisse Group cut their target price on shares of Tapestry to $45.00 in a research report on Wednesday, November 16th. UBS Group raised their target price on shares of Tapestry from $31.00 to $37.00 and gave the company a neutral rating in a research report on Friday, August 19th. Finally, Robert W. Baird raised their target price on shares of Tapestry to $45.00 in a research report on Monday, August 22nd. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Tapestry has an average rating of Moderate Buy and an average price target of $44.33.

Tapestry Trading Up 1.9 %

Shares of TPR opened at $38.48 on Tuesday. Tapestry has a 1-year low of $26.39 and a 1-year high of $44.35. The company has a 50-day moving average of $32.47 and a 200 day moving average of $33.08. The firm has a market capitalization of $9.27 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 0.82 and a beta of 1.36. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.82 and a quick ratio of 0.95.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 27th. Investors of record on Friday, December 9th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend is Thursday, December 8th. Tapestry’s dividend payout ratio (DPR) is presently 38.10%.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 2,005 shares of Tapestry stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $36.81, for a total value of $73,804.05. Following the completion of the sale, the vice president now directly owns 33,681 shares in the company, valued at approximately $1,239,797.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.81% of the stock is owned by company insiders.

Institutional Trading of Tapestry

A number of institutional investors have recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. boosted its stake in Tapestry by 3.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 33,050 shares of the luxury accessories retailer’s stock worth $940,000 after purchasing an additional 1,125 shares in the last quarter. Toroso Investments LLC lifted its stake in Tapestry by 15.2% during the 3rd quarter. Toroso Investments LLC now owns 15,122 shares of the luxury accessories retailer’s stock valued at $430,000 after acquiring an additional 1,994 shares during the period. Teachers Retirement System of The State of Kentucky acquired a new stake in Tapestry during the 3rd quarter valued at approximately $33,655,000. Industrial Alliance Investment Management Inc. lifted its stake in Tapestry by 254.3% during the 3rd quarter. Industrial Alliance Investment Management Inc. now owns 461,150 shares of the luxury accessories retailer’s stock valued at $13,110,000 after acquiring an additional 330,986 shares during the period. Finally, M&T Bank Corp lifted its stake in Tapestry by 5.5% during the 3rd quarter. M&T Bank Corp now owns 82,671 shares of the luxury accessories retailer’s stock valued at $2,349,000 after acquiring an additional 4,292 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

About Tapestry

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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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

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