Tapestry (NYSE:TPR) Price Target Raised to $98.00

Tapestry (NYSE:TPR) had its price target increased by Barclays from $83.00 to $98.00 in a research report report published on Monday,Benzinga reports. Barclays currently has an overweight rating on the luxury accessories retailer’s stock.

TPR has been the subject of a number of other research reports. Jefferies Financial Group lifted their price objective on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Evercore ISI lifted their price objective on Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. UBS Group lifted their price objective on Tapestry from $68.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Robert W. Baird raised their target price on Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, Morgan Stanley upgraded Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 target price on the stock in a research report on Thursday, May 8th. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $83.89.

Tapestry Stock Performance

Shares of TPR stock opened at $83.05 on Monday. The firm has a market capitalization of $17.19 billion, a price-to-earnings ratio of 24.07, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The business has a fifty day moving average of $70.06 and a 200 day moving average of $68.54. Tapestry has a 1 year low of $35.23 and a 1 year high of $90.85.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. As a group, research analysts expect that Tapestry will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.69%. The ex-dividend date is Friday, June 6th. Tapestry’s payout ratio is 36.84%.

Insider Buying and Selling

In other Tapestry news, CFO Scott A. Roe sold 25,727 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the transaction, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at $12,688,570.72. This trade represents a 14.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the transaction, the chief executive officer now directly owns 116,062 shares in the company, valued at $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,936 shares of company stock worth $9,101,139. Insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Ieq Capital LLC lifted its stake in Tapestry by 124.9% in the 1st quarter. Ieq Capital LLC now owns 145,687 shares of the luxury accessories retailer’s stock worth $10,258,000 after purchasing an additional 80,908 shares in the last quarter. Redwood Investment Management LLC acquired a new position in Tapestry in the first quarter valued at approximately $1,317,000. FORA Capital LLC acquired a new position in Tapestry in the first quarter valued at approximately $6,780,000. Comerica Bank lifted its holdings in Tapestry by 10.4% in the first quarter. Comerica Bank now owns 797,507 shares of the luxury accessories retailer’s stock valued at $56,152,000 after acquiring an additional 75,074 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Tapestry in the first quarter valued at approximately $2,934,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

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.