Tapestry (NYSE:TPR) Given New $60.00 Price Target at BMO Capital Markets

Tapestry (NYSE:TPR - Free Report) had its price target raised by BMO Capital Markets from $55.00 to $60.00 in a research note issued to investors on Monday morning,Benzinga reports. The firm currently has a market perform rating on the luxury accessories retailer's stock.

A number of other research analysts also recently issued reports on TPR. Guggenheim boosted their price objective on Tapestry from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Friday. Bank of America boosted their price objective on Tapestry from $52.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, October 25th. Robert W. Baird upped their price target on Tapestry from $58.00 to $64.00 and gave the stock an "outperform" rating in a research note on Friday. The Goldman Sachs Group upped their price target on Tapestry from $58.00 to $66.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Citigroup upped their price target on Tapestry from $49.00 to $55.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $57.82.

Tapestry Stock Down 1.2 %

TPR stock traded down $0.68 during mid-day trading on Monday, reaching $56.55. The company had a trading volume of 3,249,395 shares, compared to its average volume of 3,336,579. Tapestry has a 52 week low of $30.19 and a 52 week high of $58.49. The company has a market capitalization of $13.18 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 1.99 and a beta of 1.53. The stock has a 50 day simple moving average of $46.85 and a two-hundred day simple moving average of $43.12. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The firm had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.58 billion. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The company's quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.95 EPS. As a group, equities analysts predict that Tapestry will post 4.56 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Friday, December 6th. Tapestry's dividend payout ratio is presently 40.46%.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction on 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 transaction, the vice president now directly owns 35,003 shares of the company's stock, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tapestry

Several institutional investors and hedge funds have recently bought and sold shares of TPR. Charles Schwab Investment Management Inc. grew its stake in shares of Tapestry by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer's stock valued at $357,732,000 after buying an additional 272,007 shares during the last quarter. Capital Research Global Investors lifted its position in shares of Tapestry by 8.5% during the first quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer's stock worth $296,212,000 after purchasing an additional 489,933 shares during the last quarter. Pacer Advisors Inc. grew its stake in Tapestry by 1.0% in the third quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer's stock valued at $285,580,000 after purchasing an additional 58,135 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Tapestry by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer's stock worth $262,156,000 after purchasing an additional 80,681 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Tapestry by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer's stock valued at $151,965,000 after acquiring an additional 165,406 shares during the period. 90.77% of the stock is owned by institutional investors.

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.