Guggenheim Issues Positive Forecast for Tapestry (NYSE:TPR) Stock Price

Tapestry (NYSE:TPR) had its target price increased by Guggenheim from $70.00 to $90.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the luxury accessories retailer’s stock.

Several other equities analysts have also issued reports on TPR. Citigroup boosted their target price on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Morgan Stanley reaffirmed an “equal weight” rating and set a $65.00 price objective on shares of Tapestry in a research note on Tuesday, January 21st. Raymond James reissued an “outperform” rating and issued a $57.00 target price (up from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Finally, Robert W. Baird raised their price target on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.17.

Tapestry Stock Down 2.3 %

Shares of TPR opened at $80.28 on Friday. The company has a market capitalization of $18.71 billion, a P/E ratio of 23.20, a PEG ratio of 2.07 and a beta of 1.58. Tapestry has a one year low of $35.23 and a one year high of $87.87. The business’s 50 day simple moving average is $68.08 and its 200-day simple moving average is $53.27. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

Tapestry (NYSE:TPR) last released its earnings results 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 in the prior year, the firm posted $1.63 EPS. As a group, sell-side analysts predict that Tapestry will post 4.63 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s payout ratio is 40.46%.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Checchi Capital Advisers LLC raised its holdings in shares of Tapestry by 1.9% during the 4th quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer’s stock worth $580,000 after buying an additional 163 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in Tapestry by 0.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer’s stock valued at $1,261,000 after acquiring an additional 170 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in Tapestry by 13.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer’s stock worth $104,000 after acquiring an additional 182 shares in the last quarter. E Fund Management Co. Ltd. lifted its holdings in shares of Tapestry by 1.6% in the fourth quarter. E Fund Management Co. Ltd. now owns 12,744 shares of the luxury accessories retailer’s stock worth $833,000 after acquiring an additional 200 shares during the last quarter. Finally, Valley National Advisers Inc. boosted its stake in shares of Tapestry by 0.5% in the 4th quarter. Valley National Advisers Inc. now owns 43,355 shares of the luxury accessories retailer’s stock valued at $2,831,000 after purchasing an additional 202 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.