Tapestry (NYSE:TPR) Price Target Raised to $64.00

Tapestry (NYSE:TPR) had its price target increased by stock analysts at Robert W. Baird from $58.00 to $64.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the luxury accessories retailer’s stock. Robert W. Baird’s target price indicates a potential upside of 11.83% from the company’s previous close.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. lifted their target price on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Bank of America upped their price objective on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Telsey Advisory Group increased their price objective on shares of Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Evercore ISI boosted their target price on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $57.69.

Tapestry Stock Performance

Shares of TPR opened at $57.23 on Friday. 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 has a 12-month low of $29.83 and a 12-month high of $58.49. The business’s fifty day moving average price is $46.55 and its 200 day moving average price is $42.97. The stock has a market capitalization of $13.34 billion, a PE ratio of 16.54, a price-to-earnings-growth ratio of 1.99 and a beta of 1.53.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The company’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.95 EPS. Equities research analysts forecast that Tapestry will post 4.56 EPS for the current year.

Institutional Investors Weigh In On Tapestry

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Waldron Private Wealth LLC bought a new position in shares of Tapestry during the 3rd quarter valued at about $25,000. Massmutual Trust Co. FSB ADV boosted its holdings in Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 shares in the last quarter. Brooklyn Investment Group acquired a new position in Tapestry in the third quarter worth approximately $47,000. Blue Trust Inc. increased its holdings in shares of Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after buying an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc lifted its position in shares of Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares during the last quarter. 90.77% of the stock is currently owned by 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.