Tapestry (NYSE:TPR) Receives Equal Weight Rating from Morgan Stanley

Morgan Stanley reaffirmed their equal weight rating on shares of Tapestry (NYSE:TPR) in a research report sent to investors on Tuesday morning, MarketBeat reports. Morgan Stanley currently has a $65.00 price objective on the luxury accessories retailer’s stock.

Several other brokerages have also weighed in on TPR. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Guggenheim raised their target price on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Barclays raised Tapestry from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $57.00 to $87.00 in a research report on Wednesday, January 8th. UBS Group lifted their price target on Tapestry from $57.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Finally, Evercore ISI lifted their price target on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $64.78.

Tapestry Price Performance

Shares of NYSE TPR opened at $73.56 on Tuesday. 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 fifty-two week low of $35.23 and a fifty-two week high of $74.54. The firm has a market capitalization of $17.14 billion, a PE ratio of 21.26, a price-to-earnings-growth ratio of 2.09 and a beta of 1.58. The stock’s 50-day simple moving average is $64.47 and its 200-day simple moving average is $50.77.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Friday, December 6th. Tapestry’s payout ratio is currently 40.46%.

Insider Activity

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the sale, the vice president now directly owns 35,003 shares in the company, valued at $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

A number of institutional investors have recently modified their holdings of the business. Caprock Group LLC boosted its stake in shares of Tapestry by 6.2% in the fourth quarter. Caprock Group LLC now owns 5,428 shares of the luxury accessories retailer’s stock valued at $355,000 after buying an additional 316 shares in the last quarter. Patton Fund Management Inc. purchased a new stake in Tapestry during the fourth quarter worth $8,549,000. Robeco Institutional Asset Management B.V. boosted its position in Tapestry by 0.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer’s stock worth $1,261,000 after purchasing an additional 170 shares in the last quarter. IRON Financial LLC boosted its position in Tapestry by 4.5% during the fourth quarter. IRON Financial LLC now owns 4,882 shares of the luxury accessories retailer’s stock worth $319,000 after purchasing an additional 208 shares in the last quarter. Finally, KBC Group NV boosted its position in Tapestry by 55.2% during the fourth quarter. KBC Group NV now owns 9,620 shares of the luxury accessories retailer’s stock worth $628,000 after purchasing an additional 3,421 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other 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.