Tapestry (NYSE:TPR) Given New $80.00 Price Target at UBS Group

Tapestry (NYSE:TPR) had its price objective upped by UBS Group from $70.00 to $80.00 in a report issued on Friday morning,Benzinga reports. UBS Group currently has a neutral rating on the luxury accessories retailer’s stock.

A number of other brokerages also recently weighed in on TPR. Barclays raised shares of Tapestry from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $57.00 to $87.00 in a research report on Wednesday, January 8th. Wells Fargo & Company upped their target price on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Citigroup raised their price target on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Morgan Stanley restated an “equal weight” rating and set a $65.00 price objective on shares of Tapestry in a research note on Tuesday, January 21st. Finally, TD Cowen cut 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. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $73.17.

Tapestry Trading Down 2.3 %

Shares of NYSE TPR opened at $80.28 on Friday. 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’s 50 day moving average price is $68.08 and its two-hundred day moving average price is $53.27. Tapestry has a 52-week low of $35.23 and a 52-week high of $87.87. The stock has a market capitalization of $18.71 billion, a P/E ratio of 23.20, a PEG ratio of 2.07 and a beta of 1.58.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. During the same quarter last year, the company posted $1.63 EPS. On average, analysts anticipate that Tapestry will post 4.63 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be given a $0.35 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.74%. Tapestry’s dividend payout ratio (DPR) is 40.46%.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the transaction, the vice president now directly 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 sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

Hedge funds have recently made changes to their positions in the company. Waldron Private Wealth LLC purchased a new stake in shares of Tapestry in the third quarter valued at $25,000. Venturi Wealth Management LLC raised its position in Tapestry by 78.0% during the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after buying an additional 252 shares during the period. Brooklyn Investment Group purchased a new stake in Tapestry in the 3rd quarter worth about $47,000. UMB Bank n.a. boosted its position in Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after acquiring an additional 496 shares during the period. Finally, Deseret Mutual Benefit Administrators grew its stake in Tapestry by 68.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after acquiring an additional 605 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

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.