Tapestry (NYSE:TPR) Price Target Raised to $147.00 at JPMorgan Chase & Co.

Tapestry (NYSE:TPR) had its price target boosted by JPMorgan Chase & Co. from $142.00 to $147.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an overweight rating on the luxury accessories retailer’s stock.

A number of other equities research analysts have also recently weighed in on TPR. Wells Fargo & Company dropped their price objective on Tapestry from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Friday. Bank of America downgraded Tapestry from a “buy” rating to a “neutral” rating and lifted their target price for the company from $95.00 to $115.00 in a research report on Tuesday, July 29th. Morgan Stanley increased their price target on shares of Tapestry from $124.00 to $126.00 and gave the stock an “overweight” rating in a research report on Friday. Cowen restated a “buy” rating on shares of Tapestry in a report on Thursday, August 7th. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $125.00 target price on shares of Tapestry in a report on Friday. Eighteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $116.25.

Tapestry Trading Up 4.9%

Shares of Tapestry stock traded up $4.86 on Friday, reaching $103.67. The company had a trading volume of 6,656,399 shares, compared to its average volume of 4,522,796. The firm’s 50 day moving average price is $110.95 and its two-hundred day moving average price is $97.17. The firm has a market cap of $21.46 billion, a PE ratio of 164.55, a PEG ratio of 2.72 and a beta of 1.71. Tapestry has a 52-week low of $49.84 and a 52-week high of $118.56. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, November 6th. The luxury accessories retailer reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.13. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. The firm had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter last year, the company posted $0.84 EPS. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. Sell-side analysts predict that Tapestry will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Friday, December 5th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, December 5th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.5%. Tapestry’s payout ratio is presently 253.97%.

Tapestry declared that its Board of Directors has approved a share repurchase program on Thursday, November 6th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the luxury accessories retailer to buy up to 4.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Tapestry news, Director Alan Ka Ming Lau sold 11,320 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $106.19, for a total value of $1,202,070.80. Following the sale, the director directly owned 8,153 shares in the company, valued at $865,767.07. This trade represents a 58.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Manesh Dadlani sold 7,882 shares of Tapestry stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $99.05, for a total value of $780,712.10. Following the sale, the vice president directly owned 21,098 shares of the company’s stock, valued at $2,089,756.90. This trade represents a 27.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tapestry

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Harbour Investments Inc. raised its holdings in Tapestry by 120.1% during the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after purchasing an additional 197 shares in the last quarter. Flaharty Asset Management LLC purchased a new position in shares of Tapestry in the 1st quarter valued at $25,000. First PREMIER Bank purchased a new position in shares of Tapestry in the 2nd quarter valued at $25,000. Cloud Capital Management LLC acquired a new stake in Tapestry during the 3rd quarter worth $26,000. Finally, Vestor Capital LLC purchased a new stake in Tapestry in the second quarter valued at $27,000. 90.77% of the stock is owned by institutional investors and hedge funds.

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.