UBS Group Issues Positive Forecast for Tapestry (NYSE:TPR) Stock Price

Tapestry (NYSE:TPR) had its price objective increased by UBS Group from $57.00 to $70.00 in a report released on Friday,Benzinga reports. They currently have a neutral rating on the luxury accessories retailer’s stock.

TPR has been the subject of a number of other research reports. Robert W. Baird lifted their price objective on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. TD Cowen cut Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research note on Tuesday, October 29th. Daiwa America upgraded Tapestry to a “hold” rating in a research note on Monday, November 18th. Wells Fargo & Company boosted their price target on Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, The Goldman Sachs Group boosted their price target on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $64.76.

Tapestry Stock Down 1.9 %

Shares of NYSE:TPR opened at $67.25 on Friday. The stock has a fifty day simple moving average of $60.62 and a two-hundred day simple moving average of $48.76. The stock has a market capitalization of $15.67 billion, a price-to-earnings ratio of 19.44, a PEG ratio of 1.80 and a beta of 1.58. Tapestry has a 12-month low of $35.23 and a 12-month high of $69.09. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.08%. The ex-dividend date was Friday, December 6th. Tapestry’s dividend payout ratio is presently 40.46%.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the sale, the vice president now owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.18% of the stock is currently owned by corporate insiders.

Institutional Trading of Tapestry

Hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Tapestry by 1.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 71,845 shares of the luxury accessories retailer’s stock worth $4,694,000 after acquiring an additional 898 shares during the period. Everence Capital Management Inc. bought a new position in shares of Tapestry in the fourth quarter worth about $362,000. GAMMA Investing LLC boosted its stake in shares of Tapestry by 23.8% in the fourth quarter. GAMMA Investing LLC now owns 7,544 shares of the luxury accessories retailer’s stock worth $493,000 after acquiring an additional 1,449 shares during the period. Retirement Systems of Alabama boosted its stake in shares of Tapestry by 1.0% in the third quarter. Retirement Systems of Alabama now owns 51,180 shares of the luxury accessories retailer’s stock worth $2,404,000 after acquiring an additional 493 shares during the period. Finally, Franklin Resources Inc. boosted its stake in shares of Tapestry by 10.6% in the third quarter. Franklin Resources Inc. now owns 163,234 shares of the luxury accessories retailer’s stock worth $7,442,000 after acquiring an additional 15,585 shares during the period. 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.