JPMorgan Chase & Co. Raises Tapestry (NYSE:TPR) Price Target to $66.00

Tapestry (NYSE:TPR) had its price target boosted by JPMorgan Chase & Co. from $51.00 to $66.00 in a report released on Friday, Benzinga reports. The brokerage currently has an overweight rating on the luxury accessories retailer’s stock.

TPR has been the subject of several other research reports. The Goldman Sachs Group boosted their target price on shares of Tapestry from $47.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, September 25th. Wells Fargo & Company increased their target price on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday. Citigroup lowered their price target on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Finally, Evercore ISI reduced their price objective on Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.73.

Tapestry Trading Up 13.5 %

NYSE:TPR opened at $50.49 on Friday. The stock has a market cap of $11.60 billion, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53. Tapestry has a one year low of $25.99 and a one year high of $51.58. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. The business’s 50-day simple moving average is $43.54 and its 200 day simple moving average is $41.89.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the company posted $0.95 EPS. Tapestry’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, sell-side analysts predict that Tapestry will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s payout ratio is 37.04%.

Institutional Investors Weigh In On Tapestry

Large investors have recently made changes to their positions in the company. Pacer Advisors Inc. grew its holdings in Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after buying an additional 2,087,586 shares in the last quarter. Clearbridge Investments LLC bought a new position in shares of Tapestry in the first quarter worth $54,055,000. AQR Capital Management LLC increased its holdings in shares of Tapestry by 235.9% during the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after purchasing an additional 1,051,743 shares during the period. Coronation Fund Managers Ltd. raised its stake in shares of Tapestry by 265.1% during the second quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock valued at $44,700,000 after purchasing an additional 758,539 shares in the last quarter. Finally, Swedbank AB lifted its holdings in Tapestry by 206.5% in the second quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock worth $42,782,000 after purchasing an additional 673,655 shares during the period. Institutional investors and hedge funds 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.