Tapestry’s (TPR) Outperform Rating Reiterated at Raymond James

Tapestry (NYSE:TPR)‘s stock had its “outperform” rating reissued by equities research analysts at Raymond James in a research note issued on Friday,Benzinga reports. They presently have a $88.00 target price on the luxury accessories retailer’s stock, up from their previous target price of $79.00. Raymond James’ price target would indicate a potential upside of 10.19% from the stock’s previous close.

A number of other research analysts also recently commented on the company. Barclays upgraded Tapestry from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $57.00 to $87.00 in a research report on Wednesday, January 8th. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a research note on Tuesday, October 29th. UBS Group lifted their target price on Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday. Wells Fargo & Company raised their price target on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Jefferies Financial Group raised their price target on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average price target of $70.67.

Tapestry Price Performance

TPR traded down $2.34 during trading on Friday, reaching $79.87. 3,261,784 shares of the company traded hands, compared to its average volume of 4,873,644. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry has a 12-month low of $35.23 and a 12-month high of $87.87. The firm has a fifty day simple moving average of $67.72 and a 200 day simple moving average of $53.01. The company has a market cap of $18.61 billion, a P/E ratio of 23.07, a PEG ratio of 2.07 and a beta of 1.58.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. During the same quarter last year, the company posted $1.63 earnings per share. On average, equities analysts forecast that Tapestry will post 4.63 EPS for the current year.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the transaction, the vice president now owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This represents a 20.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tapestry

Several hedge funds have recently bought and sold shares of TPR. Waldron Private Wealth LLC acquired a new position in Tapestry during the 3rd quarter worth about $25,000. Venturi Wealth Management LLC increased its holdings in Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after purchasing an additional 252 shares during the period. Brooklyn Investment Group purchased a new stake in Tapestry during the 3rd quarter worth about $47,000. Deseret Mutual Benefit Administrators increased its holdings in Tapestry by 68.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after purchasing an additional 605 shares during the period. Finally, Transamerica Financial Advisors Inc. increased its holdings in Tapestry by 159,100.0% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock worth $75,000 after purchasing an additional 1,591 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.