The Goldman Sachs Group Issues Positive Forecast for Tapestry (NYSE:TPR) Stock Price

Tapestry (NYSE:TPR) had its price target raised by The Goldman Sachs Group from $58.00 to $66.00 in a research note released on Friday morning,Benzinga reports. The firm currently has a buy rating on the luxury accessories retailer’s stock.

A number of other research firms have also weighed in on TPR. Robert W. Baird boosted their target price on shares of Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. TD Cowen downgraded Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a report on Tuesday, October 29th. UBS Group reduced their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Finally, Citigroup raised their price objective on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.69.

Tapestry Trading Down 1.0 %

Shares of TPR stock opened at $57.23 on Friday. Tapestry has a twelve month low of $29.83 and a twelve month high of $58.49. The stock’s fifty day simple moving average is $46.55 and its 200 day simple moving average is $42.99. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The firm has a market capitalization of $13.34 billion, a P/E ratio of 16.54, a P/E/G ratio of 1.99 and a beta of 1.53.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the firm posted $0.95 earnings per share. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, sell-side analysts predict that Tapestry will post 4.56 EPS for the current fiscal 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 issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s payout ratio is 40.46%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of TPR. Russell Investments Group Ltd. raised its holdings in shares of Tapestry by 2.5% during the first quarter. Russell Investments Group Ltd. now owns 106,750 shares of the luxury accessories retailer’s stock valued at $5,068,000 after purchasing an additional 2,599 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Tapestry in the first quarter worth approximately $360,000. State Board of Administration of Florida Retirement System grew its stake in Tapestry by 6.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 279,772 shares of the luxury accessories retailer’s stock valued at $13,284,000 after acquiring an additional 15,828 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Tapestry by 21.6% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 159,818 shares of the luxury accessories retailer’s stock valued at $7,588,000 after acquiring an additional 28,355 shares during the period. Finally, Blair William & Co. IL bought a new stake in shares of Tapestry during the first quarter valued at approximately $216,000. Institutional investors and hedge funds 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.