The Goldman Sachs Group Increases Tapestry (NYSE:TPR) Price Target to $52.00

Tapestry (NYSE:TPR) had its price objective upped by The Goldman Sachs Group from $47.00 to $52.00 in a research report sent to investors on Monday, Benzinga reports. The brokerage currently has a buy rating on the luxury accessories retailer’s stock.

Other equities analysts have also recently issued research reports about the stock. StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday, September 25th. Evercore ISI dropped their target price on Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, August 9th. UBS Group decreased their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. JPMorgan Chase & Co. dropped their price objective on Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. Finally, Wells Fargo & Company decreased their target price on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.43.

Tapestry Price Performance

TPR opened at $44.47 on Monday. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The stock has a market capitalization of $10.22 billion, a P/E ratio of 11.76, a PEG ratio of 1.67 and a beta of 1.53. The stock has a 50-day moving average price of $43.34 and a 200-day moving average price of $41.84. Tapestry has a 12-month low of $25.99 and a 12-month high of $48.80.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.95 earnings per share. Equities analysts predict that Tapestry will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s payout ratio is 37.04%.

Hedge Funds Weigh In On Tapestry

A number of institutional investors have recently bought and sold shares of the stock. Waldron Private Wealth LLC bought a new stake in Tapestry during the 3rd quarter valued at approximately $25,000. Fidelis Capital Partners LLC bought a new position in Tapestry in the first quarter worth $35,000. BNP Paribas purchased a new position in Tapestry during the first quarter valued at $38,000. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after buying an additional 328 shares in the last quarter. Finally, Blue Trust Inc. grew its position in shares of Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after buying an additional 556 shares during the period. 90.77% of the stock is 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.