Tapestry (NYSE:TPR) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Tapestry (NYSE:TPR - Free Report) had its target price increased by The Goldman Sachs Group from $58.00 to $66.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the luxury accessories retailer's stock.

Other equities analysts have also recently issued research reports about the stock. Telsey Advisory Group upped their price target on shares of Tapestry from $58.00 to $67.00 and gave the stock an "outperform" rating in a research note on Friday. TD Cowen downgraded 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. StockNews.com downgraded shares of Tapestry from a "buy" rating to a "hold" rating in a research report on Monday, October 28th. Evercore ISI upped their price objective on Tapestry from $47.00 to $63.00 and gave the company an "outperform" rating in a research report on Friday, October 25th. Finally, UBS Group cut their target price on Tapestry from $42.00 to $40.00 and set a "neutral" rating on the stock in a research note on Friday, August 16th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $57.69.

Tapestry Stock Down 1.0 %

Shares of TPR traded down $0.59 on Friday, reaching $57.23. The stock had a trading volume of 4,443,701 shares, compared to its average volume of 3,337,417. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry has a 12-month low of $29.83 and a 12-month high of $58.49. The firm has a market capitalization of $13.34 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53. The company has a 50-day simple moving average of $46.21 and a 200-day simple moving average of $42.83.

Tapestry (NYSE:TPR - Get Free Report) last announced its 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 net margin of 12.12% and a return on equity of 36.26%. The firm had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.58 billion. During the same quarter in the previous year, the business posted $0.95 EPS. The company's quarterly revenue was down 1.8% on a year-over-year basis. Sell-side analysts predict that Tapestry will post 4.54 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Friday, December 6th. Tapestry's payout ratio is 40.46%.

Hedge Funds Weigh In On Tapestry

Institutional investors and hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. boosted its position in shares of Tapestry by 2.5% in the first quarter. Russell Investments Group Ltd. now owns 106,750 shares of the luxury accessories retailer's stock worth $5,068,000 after purchasing an additional 2,599 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Tapestry in the 1st quarter worth $360,000. State Board of Administration of Florida Retirement System increased its stake in Tapestry by 6.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 279,772 shares of the luxury accessories retailer's stock worth $13,284,000 after buying an additional 15,828 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of 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 in the last quarter. Finally, Blair William & Co. IL bought a new position in shares of Tapestry in the first quarter worth about $216,000. 90.77% of the stock is currently 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.