Tapestry (NYSE:TPR) Given New $63.00 Price Target at Evercore ISI

Tapestry (NYSE:TPR) had its target price hoisted by Evercore ISI from $47.00 to $63.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an outperform rating on the luxury accessories retailer’s stock.

A number of other research analysts also recently issued reports on TPR. Citigroup decreased their price objective on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. JPMorgan Chase & Co. raised their price target on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday. Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a report on Thursday, August 15th. Wells Fargo & Company increased their target price on shares of Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday. Finally, StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday, September 25th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $51.73.

Tapestry Trading Up 13.5 %

Shares of Tapestry stock traded up $6.02 during trading hours on Friday, hitting $50.49. The company’s stock had a trading volume of 17,253,323 shares, compared to its average volume of 3,241,892. Tapestry has a 12 month low of $25.99 and a 12 month high of $51.58. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The company has a market capitalization of $11.60 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53. The stock has a 50 day moving average of $43.54 and a 200 day moving average of $41.89.

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

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were paid a dividend of $0.35 per share. The ex-dividend date was Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.77%. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Hedge Funds Weigh In On Tapestry

Several hedge funds have recently bought and sold shares of the company. Park Avenue Securities LLC boosted its stake in Tapestry by 22.7% in the first quarter. Park Avenue Securities LLC now owns 9,664 shares of the luxury accessories retailer’s stock valued at $459,000 after buying an additional 1,785 shares in the last quarter. Kingswood Wealth Advisors LLC acquired a new position in Tapestry during the 1st quarter worth approximately $253,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Tapestry during the 1st quarter worth approximately $260,000. Norden Group LLC bought a new position in Tapestry in the 1st quarter valued at approximately $297,000. Finally, Uncommon Cents Investing LLC boosted its position in Tapestry by 1.8% in the first quarter. Uncommon Cents Investing LLC now owns 28,305 shares of the luxury accessories retailer’s stock valued at $1,344,000 after buying an additional 510 shares in the last quarter. 90.77% of the stock is owned by 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.