Wells Fargo & Company Increases Tapestry (NYSE:TPR) Price Target to $75.00

Tapestry (NYSE:TPR) had its price target increased by Wells Fargo & Company from $65.00 to $75.00 in a report published on Friday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the luxury accessories retailer’s stock.

TPR has been the topic of several other reports. Guggenheim lifted their price target on Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday. Raymond James reissued an “outperform” rating and set a $57.00 price objective (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. JPMorgan Chase & Co. increased their price target on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. UBS Group dropped their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Finally, Telsey Advisory Group raised their target price on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and a consensus target price of $57.69.

Tapestry Trading Down 1.0 %

Shares of NYSE:TPR traded down $0.59 on Friday, hitting $57.23. The company had a trading volume of 4,444,887 shares, compared to its average volume of 3,337,417. The firm’s 50-day simple moving average is $46.55 and its two-hundred day simple moving average is $42.95. 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 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 1 year low of $29.83 and a 1 year high of $58.49.

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

Tapestry Announces Dividend

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

Institutional Trading of Tapestry

A number of institutional investors have recently made changes to their positions in TPR. Bessemer Group Inc. boosted its holdings in Tapestry by 1,328.8% in the first quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock worth $1,432,000 after purchasing an additional 28,038 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Tapestry in the second quarter worth $3,718,000. Lazard Asset Management LLC increased its position in Tapestry by 611.8% during the first quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock valued at $3,019,000 after acquiring an additional 54,679 shares during the last quarter. Clearbridge Investments LLC bought a new position in Tapestry in the first quarter valued at about $54,055,000. Finally, Fiera Capital Corp boosted its position in Tapestry by 1.2% in the second quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer’s stock worth $62,590,000 after purchasing an additional 17,497 shares during the last quarter. Hedge funds and other institutional investors 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.