Tapestry (NYSE:TPR) Upgraded to Buy at Redburn Atlantic

Redburn Atlantic upgraded shares of Tapestry (NYSE:TPR) from a neutral rating to a buy rating in a report issued on Tuesday morning, MarketBeat reports. Redburn Atlantic currently has $110.00 target price on the luxury accessories retailer’s stock.

Several other brokerages have also recently issued reports on TPR. Bank of America raised their target price on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 25th. JPMorgan Chase & Co. raised their price target on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Wells Fargo & Company upped their price objective on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a research note on Saturday, February 15th. Finally, Guggenheim upped their price target on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Tapestry Price Performance

Shares of Tapestry stock opened at $86.65 on Tuesday. The stock has a market capitalization of $17.94 billion, a price-to-earnings ratio of 25.12, a price-to-earnings-growth ratio of 2.07 and a beta of 1.58. The company has a fifty day moving average of $72.21 and a 200-day moving average of $56.14. Tapestry has a 52-week low of $35.23 and a 52-week high of $90.85. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period in the prior year, the company earned $1.63 EPS. Equities research analysts expect that Tapestry will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s payout ratio is currently 40.58%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TPR. Southpoint Capital Advisors LP purchased a new stake in shares of Tapestry in the fourth quarter worth $130,660,000. Price T Rowe Associates Inc. MD grew its position in Tapestry by 593.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer’s stock valued at $143,198,000 after purchasing an additional 1,875,753 shares during the last quarter. Norges Bank bought a new stake in Tapestry during the 4th quarter valued at about $114,199,000. Point72 Asset Management L.P. purchased a new position in Tapestry in the fourth quarter worth about $101,433,000. Finally, Erste Asset Management GmbH bought a new position in shares of Tapestry in the third quarter worth approximately $64,016,000. 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.