Tapestry (NYSE:TPR) Price Target Raised to $52.00

Tapestry (NYSE:TPR) had its price objective hoisted by equities researchers at The Goldman Sachs Group from $47.00 to $52.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the luxury accessories retailer’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 16.70% from the stock’s current price.

Several other brokerages have also recently issued reports on TPR. UBS Group reduced their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Wells Fargo & Company reduced their price target on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. JPMorgan Chase & Co. dropped their price objective on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Citigroup cut their price objective on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Finally, Evercore ISI decreased their target price on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.43.

Tapestry Stock Performance

NYSE:TPR traded down $0.59 during trading hours on Monday, hitting $44.56. 526,952 shares of the company were exchanged, compared to its average volume of 3,177,358. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. Tapestry has a 52-week low of $25.99 and a 52-week high of $48.80. The stock has a market capitalization of $10.24 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 1.67 and a beta of 1.53. The company’s 50 day moving average price is $42.87 and its 200-day moving average price is $41.81.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The firm had revenue of $1.59 billion for 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 quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 earnings per share. As a group, research analysts forecast that Tapestry will post 4.47 earnings per share for the current year.

Institutional Trading of Tapestry

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Capital Research Global Investors grew its stake in Tapestry by 8.5% in the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock valued at $296,212,000 after acquiring an additional 489,933 shares during the period. Pacer Advisors Inc. grew its position in shares of Tapestry by 53.1% in the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after purchasing an additional 2,087,586 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Tapestry by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after purchasing an additional 165,406 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Tapestry by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after purchasing an additional 46,760 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in 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 in 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.