Wells Fargo & Company Boosts Tapestry (NYSE:TPR) Price Target to $75.00

Tapestry (NYSE:TPR - Free Report) had its target price increased by Wells Fargo & Company from $65.00 to $75.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the luxury accessories retailer's stock.

Several other research firms have also issued reports on TPR. StockNews.com lowered shares of Tapestry from a "buy" rating to a "hold" rating in a research note on Monday, October 28th. UBS Group lowered their price objective on Tapestry from $42.00 to $40.00 and set a "neutral" rating on the stock in a report on Friday, August 16th. Bank of America raised 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. The Goldman Sachs Group increased their price target on Tapestry from $58.00 to $66.00 and gave the company a "buy" rating in a report on Friday. Finally, Telsey Advisory Group boosted their price objective on shares of Tapestry from $58.00 to $67.00 and gave the stock an "outperform" rating in a research note on Friday. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $57.69.

Tapestry Stock Down 1.0 %

Shares of NYSE TPR traded down $0.59 during mid-day trading on Friday, reaching $57.23. The company had a trading volume of 4,444,887 shares, compared to its average volume of 3,337,417. The stock has a fifty day moving average of $46.55 and a two-hundred day moving average of $42.97. The company has a market capitalization of $13.34 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.78 and a beta of 1.53. Tapestry has a 12-month low of $29.83 and a 12-month high of $58.49. 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 (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The firm had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.58 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The business's revenue for the quarter was down 1.8% on a year-over-year basis. As a group, equities research analysts expect that Tapestry will post 4.54 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.45%. The ex-dividend date is Friday, December 6th. Tapestry's dividend payout ratio (DPR) is presently 40.46%.

Institutional Investors Weigh In On Tapestry

Large investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its holdings 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 worth $357,732,000 after purchasing an additional 272,007 shares during the last quarter. Capital Research Global Investors increased its holdings 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 buying an additional 489,933 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of 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 acquiring an additional 58,135 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Tapestry by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer's stock worth $262,156,000 after acquiring an additional 80,681 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Tapestry by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer's stock worth $151,965,000 after acquiring an additional 165,406 shares during the last quarter. 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.