Tapestry (NYSE:TPR) Given New $63.00 Price Target at Evercore ISI

Tapestry (NYSE:TPR) had its price target boosted by Evercore ISI from $47.00 to $63.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has an outperform rating on the luxury accessories retailer’s stock.

TPR has been the topic of several other research reports. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday, September 25th. JPMorgan Chase & Co. lifted their price objective on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research note on Thursday, August 15th. UBS Group reduced their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Finally, Wells Fargo & Company upped their price objective on shares of Tapestry from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.73.

Tapestry Stock Up 13.5 %

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

Tapestry (NYSE:TPR) last released its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.95 EPS. On average, sell-side analysts forecast that Tapestry will post 4.47 earnings per share for the current year.

Tapestry Dividend Announcement

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

Institutional Trading of Tapestry

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