Wells Fargo & Company Issues Positive Forecast for Tapestry (NYSE:TPR) Stock Price

Tapestry (NYSE:TPR) had its price target lifted by Wells Fargo & Company from $65.00 to $75.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an overweight rating on the luxury accessories retailer’s stock.

A number of other research analysts also recently issued reports on TPR. Robert W. Baird upped their price objective on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday. Telsey Advisory Group increased their price target on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday. Bank of America boosted their target price on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. The Goldman Sachs Group raised their price target on shares of Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Citigroup upped their price objective on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.69.

Tapestry Stock Down 1.0 %

TPR traded down $0.59 during mid-day trading on Friday, reaching $57.23. 4,444,887 shares of the stock were exchanged, compared to its average volume of 3,337,417. Tapestry has a 1 year low of $29.83 and a 1 year high of $58.49. 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 stock has a market capitalization of $13.34 billion, a PE ratio of 16.54, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53. The company has a 50 day moving average price of $46.55 and a two-hundred day moving average price of $42.95.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the company earned $0.95 earnings per share. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, research analysts anticipate that Tapestry will post 4.54 EPS for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 2.45%. Tapestry’s payout ratio is 40.46%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC grew its position in Tapestry by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock worth $262,156,000 after acquiring an additional 80,681 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in shares of Tapestry by 18.9% in the third quarter. Nomura Asset Management Co. Ltd. now owns 4,275 shares of the luxury accessories retailer’s stock worth $201,000 after purchasing an additional 679 shares during the last quarter. Orion Portfolio Solutions LLC increased its stake in shares of Tapestry by 4.1% in the third quarter. Orion Portfolio Solutions LLC now owns 56,914 shares of the luxury accessories retailer’s stock worth $2,674,000 after buying an additional 2,255 shares during the period. National Bank of Canada FI raised its holdings in Tapestry by 86.3% during the 3rd quarter. National Bank of Canada FI now owns 116,762 shares of the luxury accessories retailer’s stock valued at $5,485,000 after buying an additional 54,083 shares during the last quarter. Finally, iA Global Asset Management Inc. grew its holdings in Tapestry by 110.7% in the 3rd quarter. iA Global Asset Management Inc. now owns 37,489 shares of the luxury accessories retailer’s stock worth $1,761,000 after acquiring an additional 19,695 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

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.