UBS Group Issues Positive Forecast for Tapestry (NYSE:TPR) Stock Price

Tapestry (NYSE:TPR) had its price target raised by UBS Group from $70.00 to $80.00 in a research note published on Friday morning,Benzinga reports. UBS Group currently has a neutral rating on the luxury accessories retailer’s stock.

A number of other research analysts have also commented on the stock. The Goldman Sachs Group lifted their price objective on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Robert W. Baird boosted their price target on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Guggenheim upped their price objective on Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Citigroup lifted their target price on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, BMO Capital Markets upped their price target on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, November 18th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.17.

Tapestry Stock Down 2.3 %

Shares of NYSE TPR opened at $80.28 on Friday. The business has a 50-day moving average price of $68.08 and a 200 day moving average price of $53.27. The stock has a market cap of $18.71 billion, a PE ratio of 23.20, a price-to-earnings-growth ratio of 2.07 and a beta of 1.58. 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 52-week low of $35.23 and a 52-week high of $87.87.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. During the same period in the prior year, the company earned $1.63 earnings per share. Equities research analysts forecast that Tapestry will post 4.63 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio is presently 40.46%.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the sale, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.18% of the stock is owned by insiders.

Hedge Funds Weigh In On Tapestry

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. HighTower Advisors LLC lifted its position in shares of Tapestry by 0.9% during the fourth quarter. HighTower Advisors LLC now owns 51,278 shares of the luxury accessories retailer’s stock worth $3,350,000 after purchasing an additional 481 shares in the last quarter. Pzena Investment Management LLC purchased a new stake in Tapestry during the 4th quarter worth $18,737,000. Daiwa Securities Group Inc. lifted its holdings in Tapestry by 17.9% in the 4th quarter. Daiwa Securities Group Inc. now owns 12,515 shares of the luxury accessories retailer’s stock worth $818,000 after buying an additional 1,896 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Tapestry by 18.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 59,608 shares of the luxury accessories retailer’s stock valued at $3,894,000 after buying an additional 9,433 shares during the last quarter. Finally, Sowell Financial Services LLC grew its stake in shares of Tapestry by 10.4% during the fourth quarter. Sowell Financial Services LLC now owns 22,382 shares of the luxury accessories retailer’s stock valued at $1,462,000 after acquiring an additional 2,100 shares in 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.