Tapestry (NYSE:TPR) Given New $30.00 Price Target at Wells Fargo & Co

Tapestry (NYSE:TPR) had its target price upped by Wells Fargo & Co from $26.00 to $30.00 in a research note released on Friday morning, BenzingaRatingsTable reports. Wells Fargo & Co currently has an outperform rating on the luxury accessories retailer’s stock.

Other equities analysts also recently issued research reports about the stock. Deutsche Bank set a $33.00 price target on shares of Tapestry and gave the company a buy rating in a research note on Friday, August 16th. CIBC reaffirmed a market perform rating on shares of Tapestry in a research note on Friday, August 16th. Oppenheimer downgraded shares of Tapestry from an outperform rating to a market perform rating in a research note on Friday, August 16th. MKM Partners dropped their price target on shares of Tapestry from $34.00 to $22.00 and set a market perform rating for the company in a research note on Friday, August 16th. Finally, UBS Group set a $25.00 price target on shares of Tapestry and gave the company a buy rating in a research note on Friday, August 16th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and seventeen have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $35.25.

TPR stock opened at $25.51 on Friday. The company has a fifty day moving average price of $24.30 and a 200-day moving average price of $29.68. The company has a market capitalization of $7.34 billion, a P/E ratio of 9.93, a PEG ratio of 1.02 and a beta of 0.98. Tapestry has a 52-week low of $18.54 and a 52-week high of $51.29. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.94 and a current ratio of 2.79.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 10.68% and a return on equity of 21.64%. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 earnings per share. As a group, sell-side analysts forecast that Tapestry will post 2.57 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be issued a $0.338 dividend. This represents a $1.35 dividend on an annualized basis and a yield of 5.30%. This is a boost from Tapestry’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, September 5th. Tapestry’s dividend payout ratio (DPR) is presently 52.53%.

A number of large investors have recently bought and sold shares of the business. FMR LLC grew its holdings in Tapestry by 100.4% in the first quarter. FMR LLC now owns 13,959,794 shares of the luxury accessories retailer’s stock worth $453,553,000 after purchasing an additional 6,994,567 shares during the period. American Century Companies Inc. grew its holdings in Tapestry by 4.7% in the first quarter. American Century Companies Inc. now owns 6,216,778 shares of the luxury accessories retailer’s stock worth $201,983,000 after purchasing an additional 280,937 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its holdings in Tapestry by 28.5% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,326,188 shares of the luxury accessories retailer’s stock worth $169,000,000 after purchasing an additional 1,182,774 shares during the period. Prudential Financial Inc. grew its holdings in Tapestry by 347.2% in the second quarter. Prudential Financial Inc. now owns 4,946,057 shares of the luxury accessories retailer’s stock worth $156,938,000 after purchasing an additional 3,840,023 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Tapestry by 19.7% in the fourth quarter. Geode Capital Management LLC now owns 4,398,352 shares of the luxury accessories retailer’s stock worth $148,221,000 after purchasing an additional 725,349 shares during the period. Institutional investors and hedge funds own 88.52% of the company’s stock.

About Tapestry

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Analyst Recommendations for Tapestry (NYSE:TPR)

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