Tapestry (NYSE:TPR) Price Target Raised to $75.00

Tapestry (NYSE:TPR) had its price objective increased by Wells Fargo & Company from $65.00 to $75.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the luxury accessories retailer’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 31.12% from the company’s previous close.

A number of other analysts also recently issued reports on the stock. JPMorgan Chase & Co. raised their price target on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Raymond James reissued an “outperform” rating and issued a $57.00 price objective (up previously from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Guggenheim lifted their target price on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday. Citigroup lifted their price objective on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Bank of America increased their target price on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $57.69.

Tapestry Trading Down 1.1 %

NYSE:TPR traded down $0.62 during trading hours on Friday, hitting $57.20. 2,713,017 shares of the stock were exchanged, compared to its average volume of 3,329,616. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. Tapestry has a twelve month low of $29.83 and a twelve month high of $58.49. The company has a market capitalization of $13.33 billion, a P/E ratio of 16.53, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53. The company’s 50 day moving average is $46.21 and its two-hundred day moving average is $42.83.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the business earned $0.95 EPS. Tapestry’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Tapestry will post 4.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tapestry

A number of large investors have recently bought and sold shares of the stock. Waldron Private Wealth LLC purchased a new position in Tapestry during the third quarter valued at $25,000. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Tapestry by 54.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 shares during the last quarter. Brooklyn Investment Group purchased a new stake in Tapestry in the 3rd quarter worth approximately $47,000. Blue Trust Inc. raised its stake in Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 556 shares during the period. Finally, MUFG Securities EMEA plc boosted its position in shares of Tapestry by 34.9% during the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after acquiring an additional 317 shares during the last quarter. 90.77% of the stock is 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.