Tapestry (NYSE:TPR) Price Target Raised to $66.00 at The Goldman Sachs Group

Tapestry (NYSE:TPR) had its price objective lifted by The Goldman Sachs Group from $58.00 to $66.00 in a research report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the luxury accessories retailer’s stock.

A number of other equities research analysts have also issued reports on TPR. Raymond James reaffirmed an “outperform” rating and set a $57.00 target price (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. UBS Group cut 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. Bank of America increased their price target on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Citigroup upped their price target on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, JPMorgan Chase & Co. upped their target price on shares of Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.69.

Tapestry Price Performance

TPR traded down $0.59 during trading on Friday, hitting $57.23. The company’s stock had a trading volume of 4,444,887 shares, compared to its average volume of 3,337,417. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The firm has a market capitalization of $13.34 billion, a price-to-earnings ratio of 16.54, a P/E/G ratio of 1.78 and a beta of 1.53. The business’s fifty day simple moving average is $46.55 and its 200 day simple moving average is $42.95. Tapestry has a twelve month low of $29.83 and a twelve month high of $58.49.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same period last year, the firm posted $0.95 earnings per share. On average, equities research analysts forecast that Tapestry will post 4.54 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 2.45%. Tapestry’s payout ratio is currently 40.46%.

Institutional Trading of Tapestry

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in Tapestry by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after purchasing an additional 80,681 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Tapestry by 18.9% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 4,275 shares of the luxury accessories retailer’s stock valued at $201,000 after buying an additional 679 shares during the last quarter. Orion Portfolio Solutions LLC boosted its stake in Tapestry by 4.1% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 56,914 shares of the luxury accessories retailer’s stock valued at $2,674,000 after acquiring an additional 2,255 shares during the last quarter. National Bank of Canada FI increased its position in shares of Tapestry by 86.3% in the 3rd quarter. National Bank of Canada FI now owns 116,762 shares of the luxury accessories retailer’s stock worth $5,485,000 after purchasing an additional 54,083 shares during the last quarter. Finally, iA Global Asset Management Inc. raised its stake in shares of Tapestry by 110.7% in the 3rd quarter. iA Global Asset Management Inc. now owns 37,489 shares of the luxury accessories retailer’s stock valued at $1,761,000 after purchasing an additional 19,695 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.