Citigroup Increases Tapestry (NYSE:TPR) Price Target to $55.00

Tapestry (NYSE:TPR) had its price objective raised by equities research analysts at Citigroup from $49.00 to $55.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the luxury accessories retailer’s stock. Citigroup’s target price points to a potential upside of 9.89% from the stock’s previous close.

A number of other research firms also recently weighed in on TPR. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday, September 25th. Wells Fargo & Company lifted their price objective on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday. Bank of America boosted their target price on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. UBS Group reduced their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Finally, Evercore ISI boosted their price objective on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $51.73.

Tapestry Price Performance

Tapestry stock traded up $5.58 during mid-day trading on Friday, hitting $50.05. 12,579,618 shares of the company traded hands, compared to its average volume of 3,219,319. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. Tapestry has a one year low of $25.99 and a one year high of $51.58. The stock has a market cap of $11.50 billion, a price-to-earnings ratio of 13.31, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53. The stock has a fifty day moving average price of $43.34 and a 200-day moving average price of $41.84.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The firm’s revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 EPS. On average, equities analysts predict that Tapestry will post 4.47 earnings per share for the current fiscal year.

Institutional Trading of Tapestry

Hedge funds and other institutional investors have recently modified their holdings of the business. abrdn plc grew its holdings in Tapestry by 4.7% in the third quarter. abrdn plc now owns 39,127 shares of the luxury accessories retailer’s stock worth $1,840,000 after purchasing an additional 1,756 shares during the period. Pallas Capital Advisors LLC boosted its position in shares of Tapestry by 196.7% in the 3rd quarter. Pallas Capital Advisors LLC now owns 17,195 shares of the luxury accessories retailer’s stock worth $765,000 after purchasing an additional 11,399 shares in the last quarter. Nisa Investment Advisors LLC increased its position in Tapestry by 23.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 67,622 shares of the luxury accessories retailer’s stock valued at $3,177,000 after buying an additional 12,752 shares in the last quarter. OMNI 360 Wealth Inc. raised its stake in Tapestry by 12.6% during the third quarter. OMNI 360 Wealth Inc. now owns 12,242 shares of the luxury accessories retailer’s stock valued at $575,000 after buying an additional 1,372 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its stake in shares of Tapestry by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 26,701 shares of the luxury accessories retailer’s stock worth $1,254,000 after acquiring an additional 1,815 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

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.