Tapestry (NYSE:TPR) Stock Rating Upgraded by Jefferies Financial Group

Jefferies Financial Group upgraded shares of Tapestry (NYSE:TPR - Free Report) from a hold rating to a buy rating in a research report sent to investors on Thursday morning, MarketBeat reports. They currently have $80.00 target price on the luxury accessories retailer's stock, up from their previous target price of $50.00.

A number of other research firms have also commented on TPR. BMO Capital Markets lifted their price objective on Tapestry from $55.00 to $60.00 and gave the stock a "market perform" rating in a research note on Monday, November 18th. TD Cowen cut shares of 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. Raymond James restated an "outperform" rating and set a $57.00 target price (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. Robert W. Baird upped their target price on shares of Tapestry from $58.00 to $64.00 and gave the company an "outperform" rating in a research report on Friday, November 15th. Finally, The Goldman Sachs Group raised their target price on Tapestry from $58.00 to $66.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and an average target price of $61.24.

Tapestry Stock Up 0.9 %

Shares of NYSE:TPR traded up $0.58 on Thursday, reaching $62.66. The company had a trading volume of 4,933,022 shares, compared to its average volume of 3,535,469. Tapestry has a twelve month low of $35.23 and a twelve month high of $65.30. 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 stock has a 50-day moving average price of $54.65 and a 200 day moving average price of $46.30. The stock has a market capitalization of $14.60 billion, a P/E ratio of 18.11, a P/E/G ratio of 1.80 and a beta of 1.60.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Friday, December 6th. Tapestry's payout ratio is currently 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 that occurred 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 sale, the vice president now directly owns 35,003 shares of the company's stock, valued at $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.18% of the company's stock.

Institutional Trading of Tapestry

Several institutional investors and hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. grew its holdings 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 during the period. Erste Asset Management GmbH acquired a new stake in Tapestry in the third quarter valued at approximately $64,016,000. AQR Capital Management LLC lifted its holdings in Tapestry by 235.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer's stock worth $61,578,000 after buying an additional 1,051,743 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Tapestry by 76.6% during the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer's stock worth $59,641,000 after buying an additional 539,793 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Tapestry by 3.7% in the 3rd 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 purchasing an additional 272,007 shares during the period. 90.77% of the stock is currently owned by institutional investors.

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.