Tapestry (NYSE:TPR) Upgraded at StockNews.com

StockNews.com upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a report released on Friday morning.

A number of other equities analysts have also weighed in on the stock. Raymond James reaffirmed an “outperform” rating and issued a $88.00 target price (up from $79.00) on shares of Tapestry in a research note on Friday. Wells Fargo & Company increased their price objective on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Jefferies Financial Group boosted their target price on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Morgan Stanley reaffirmed an “equal weight” rating and set a $65.00 price target on shares of Tapestry in a research note on Tuesday, January 21st. Finally, Daiwa America raised shares of Tapestry to a “hold” rating in a research report on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.17.

Tapestry Stock Performance

Shares of NYSE:TPR opened at $80.28 on Friday. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. Tapestry has a 1-year low of $35.23 and a 1-year high of $87.87. The stock has a market capitalization of $18.71 billion, a P/E ratio of 23.20, a P/E/G ratio of 2.07 and a beta of 1.58. The business has a 50-day moving average price of $68.08 and a two-hundred day moving average price of $53.27.

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

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s payout ratio is 40.46%.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the transaction, the vice president now owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

Several hedge funds have recently added to or reduced their stakes in TPR. Erste Asset Management GmbH bought a new position in Tapestry during the 3rd quarter worth $64,016,000. WT Asset Management Ltd acquired a new position in shares of Tapestry in the fourth quarter valued at about $42,762,000. Raymond James Financial Inc. bought a new position in Tapestry during the fourth quarter worth about $38,180,000. Bank of Montreal Can raised its stake in Tapestry by 76.6% in the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock worth $59,641,000 after purchasing an additional 539,793 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after purchasing an additional 382,856 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

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.