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

Tapestry (NYSE:TPR) had its price target boosted by UBS Group from $57.00 to $70.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a neutral rating on the luxury accessories retailer’s stock.

Several other brokerages also recently weighed in on TPR. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Jefferies Financial Group upgraded Tapestry from a “hold” rating to a “buy” rating and increased their price target for the stock from $50.00 to $80.00 in a report on Thursday, December 19th. BMO Capital Markets increased their price target on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, November 18th. Daiwa America upgraded Tapestry to a “hold” rating in a report on Monday, November 18th. Finally, JPMorgan Chase & Co. increased their price target on Tapestry from $66.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.76.

Tapestry Trading Down 1.9 %

Shares of TPR stock opened at $67.25 on Friday. Tapestry has a 1 year low of $35.23 and a 1 year high of $69.09. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The stock’s 50 day simple moving average is $60.62 and its two-hundred day simple moving average is $48.76. The company has a market cap of $15.67 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 1.80 and a beta of 1.58.

Tapestry Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date was Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

Insider Activity

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry 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 sale, the vice president now directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

Institutional investors have recently bought and sold shares of the company. Waldron Private Wealth LLC acquired a new stake in Tapestry in the 3rd quarter worth about $25,000. Brooklyn Investment Group acquired a new stake in Tapestry in the 3rd quarter worth about $47,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Tapestry in the 2nd quarter worth about $68,000. Abich Financial Wealth Management LLC acquired a new stake in Tapestry in the 2nd quarter worth about $69,000. Finally, Deseret Mutual Benefit Administrators boosted its holdings in Tapestry by 68.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after buying an additional 605 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.