Tapestry (NYSE:TPR) Upgraded by Barclays to Overweight Rating

Barclays upgraded shares of Tapestry (NYSE:TPR) from an equal weight rating to an overweight rating in a research report report published on Wednesday, MarketBeat.com reports. The firm currently has $87.00 price target on the luxury accessories retailer’s stock, up from their previous price target of $57.00.

Other analysts also recently issued reports about the company. Robert W. Baird increased 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. Wells Fargo & Company raised their target price on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Daiwa America raised shares of Tapestry to a “hold” rating in a report on Monday, November 18th. Guggenheim raised their price objective on shares of Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, BMO Capital Markets increased their target price on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.00.

Tapestry Trading Up 1.9 %

Shares of TPR stock opened at $68.62 on Wednesday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The company has a market capitalization of $15.99 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 1.80 and a beta of 1.58. Tapestry has a 52-week low of $35.23 and a 52-week high of $69.09. The company has a 50-day simple moving average of $60.19 and a two-hundred day simple moving average of $48.62.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend was Friday, December 6th. Tapestry’s dividend payout ratio is presently 40.46%.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the sale, the vice president now owns 35,003 shares of the company’s stock, 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 is accessible through the SEC website. Insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

Institutional investors and hedge funds have recently modified their holdings of the business. Commonwealth Equity Services LLC increased its position in shares of Tapestry by 1.4% in the second quarter. Commonwealth Equity Services LLC now owns 33,272 shares of the luxury accessories retailer’s stock worth $1,424,000 after purchasing an additional 450 shares during the last quarter. TD Asset Management Inc increased its holdings in shares of Tapestry by 5.6% in the 2nd quarter. TD Asset Management Inc now owns 113,206 shares of the luxury accessories retailer’s stock worth $4,844,000 after buying an additional 6,000 shares during the last quarter. Choreo LLC purchased a new stake in shares of Tapestry during the 2nd quarter valued at $242,000. Daiwa Securities Group Inc. lifted its holdings in shares of Tapestry by 22.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 9,239 shares of the luxury accessories retailer’s stock worth $395,000 after acquiring an additional 1,691 shares during the last quarter. Finally, MGO One Seven LLC lifted its holdings in shares of Tapestry by 1.8% during the 2nd quarter. MGO One Seven LLC now owns 67,529 shares of the luxury accessories retailer’s stock worth $2,890,000 after acquiring an additional 1,195 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.