Tapestry (NYSE:TPR) Upgraded to “Hold” at Daiwa America

Daiwa America upgraded shares of Tapestry (NYSE:TPR) to a hold rating in a report published on Monday,Zacks.com reports.

TPR has been the subject of several other research reports. Raymond James reissued an “outperform” rating and issued a $57.00 price objective (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. Wells Fargo & Company boosted their price target on shares of Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Robert W. Baird raised their price objective on shares of Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. UBS Group reduced their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Finally, Citigroup increased their target price on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and an average price target of $57.78.

Tapestry Price Performance

Tapestry stock opened at $55.30 on Monday. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The business’s 50 day simple moving average is $47.41 and its 200 day simple moving average is $43.32. Tapestry has a 12 month low of $30.20 and a 12 month high of $58.49. The company has a market cap of $12.89 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 1.98 and a beta of 1.53.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.53%. The ex-dividend date is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is currently 40.46%.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares in the company, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

A number of institutional investors have recently made changes to their positions in TPR. Charles Schwab Investment Management Inc. lifted its stake in Tapestry by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after purchasing an additional 272,007 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Tapestry by 1.0% in the third quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock worth $285,580,000 after buying an additional 58,135 shares during the period. Geode Capital Management LLC lifted its stake in shares of Tapestry by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after acquiring an additional 80,681 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Tapestry by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock valued at $151,965,000 after acquiring an additional 165,406 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Tapestry by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after acquiring an additional 46,760 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

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.