JPMorgan Chase & Co. Boosts Tapestry (NYSE:TPR) Price Target to $75.00

Tapestry (NYSE:TPR - Free Report) had its price objective upped by JPMorgan Chase & Co. from $66.00 to $75.00 in a research note published on Monday,Benzinga reports. They currently have an overweight rating on the luxury accessories retailer's stock.

Several other research analysts have also recently weighed in on the company. Barclays restated an "equal weight" rating and issued a $57.00 price target on shares of Tapestry in a research note on Wednesday, November 20th. TD Cowen cut shares of Tapestry from a "buy" rating to a "hold" rating and set a $52.00 target price on the stock. in a research note on Tuesday, October 29th. Wells Fargo & Company increased their price target on Tapestry from $65.00 to $75.00 and gave the company an "overweight" rating in a report on Friday, November 15th. 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 report on Monday, November 18th. Finally, Robert W. Baird raised their target price on Tapestry from $58.00 to $64.00 and gave the stock an "outperform" rating in a research report on Friday, November 15th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $59.47.

Tapestry Stock Up 1.6 %

TPR stock traded up $1.00 on Monday, reaching $64.20. 7,075,267 shares of the company traded hands, compared to its average volume of 3,517,382. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The firm has a fifty day simple moving average of $53.20 and a 200-day simple moving average of $45.78. Tapestry has a one year low of $35.23 and a one year high of $65.30. The company has a market cap of $14.96 billion, a P/E ratio of 18.36, a price-to-earnings-growth ratio of 1.80 and a beta of 1.60.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors 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 2.18%. The ex-dividend date is Friday, December 6th. Tapestry's dividend payout ratio is currently 40.46%.

Insider Buying and Selling

In other news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the sale, the vice president now owns 35,003 shares in the company, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.18% of the stock is owned by insiders.

Hedge Funds Weigh In On Tapestry

Institutional investors have recently bought and sold shares of the stock. Waldron Private Wealth LLC bought a new position in shares of Tapestry during the 3rd quarter valued at about $25,000. Brooklyn Investment Group bought a new position in Tapestry during the third quarter valued at approximately $47,000. Blue Trust Inc. grew its holdings in Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer's stock valued at $50,000 after buying an additional 556 shares in the last quarter. MUFG Securities EMEA plc increased its stake in Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer's stock worth $52,000 after acquiring an additional 317 shares during the last quarter. Finally, Chilton Capital Management LLC purchased a new stake in shares of Tapestry during the 2nd quarter worth approximately $53,000. 90.77% of the stock is owned by hedge funds and other 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.