Tapestry (NYSE:TPR) PT Raised to $55.00 at Citigroup

Tapestry (NYSE:TPR) had its price objective upped by Citigroup from $49.00 to $55.00 in a report published on Friday morning, Benzinga reports. They currently have a buy rating on the luxury accessories retailer’s stock.

TPR has been the topic of a number of other research reports. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday, September 25th. Telsey Advisory Group reissued an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research report on Thursday, August 15th. Bank of America lifted their price target on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company boosted their target price on shares of Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, The Goldman Sachs Group increased their price target on shares of Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.73.

Tapestry Trading Up 13.5 %

NYSE TPR traded up $6.02 on Friday, reaching $50.49. The stock had a trading volume of 17,253,323 shares, compared to its average volume of 3,241,892. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. The stock has a fifty day moving average price of $43.54 and a two-hundred day moving average price of $41.89. Tapestry has a 12-month low of $25.99 and a 12-month high of $51.58. The firm has a market capitalization of $11.60 billion, a price-to-earnings ratio of 13.36, a P/E/G ratio of 1.67 and a beta of 1.53.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 EPS. As a group, sell-side analysts forecast that Tapestry will post 4.47 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were given a dividend of $0.35 per share. The ex-dividend date was Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.77%. Tapestry’s payout ratio is 37.04%.

Hedge Funds Weigh In On Tapestry

Several hedge funds have recently added to or reduced their stakes in TPR. Bessemer Group Inc. raised its position in shares of Tapestry by 1,328.8% during the 1st 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 purchased a new position in shares of Tapestry during the second quarter valued at approximately $3,718,000. Lazard Asset Management LLC grew its stake in Tapestry by 611.8% in the 1st quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock worth $3,019,000 after acquiring an additional 54,679 shares during the period. Clearbridge Investments LLC acquired a new stake in shares of Tapestry during the first quarter worth $54,055,000. Finally, SG Americas Securities LLC grew its position in shares of Tapestry by 174.8% in the first quarter. SG Americas Securities LLC now owns 95,076 shares of the luxury accessories retailer’s stock valued at $4,514,000 after purchasing an additional 60,480 shares during the period. 90.77% of the stock is currently 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.