Tapestry (TPR) Given New $53.00 Price Target at Buckingham Research
Tapestry (NYSE:TPR) had its price target trimmed by Buckingham Research from $62.00 to $53.00 in a report published on Wednesday morning. The firm currently has a buy rating on the luxury accessories retailer’s stock.
TPR has been the subject of several other research reports. Piper Jaffray Companies set a $58.00 price target on shares of Tapestry and gave the company a buy rating in a report on Thursday, August 2nd. Morgan Stanley upgraded shares of Tapestry from an underweight rating to an equal weight rating in a report on Wednesday. Goldman Sachs Group set a $61.00 price target on shares of Tapestry and gave the company a buy rating in a report on Wednesday, August 15th. Canaccord Genuity reduced their price target on shares of Tapestry to $55.00 and set a buy rating for the company in a report on Monday, August 13th. Finally, Wells Fargo & Co reiterated a buy rating on shares of Tapestry in a report on Tuesday, August 14th. Ten equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $56.16.
Tapestry stock opened at $42.51 on Wednesday. The company has a market capitalization of $12.74 billion, a PE ratio of 16.16, a P/E/G ratio of 1.36 and a beta of 0.43. Tapestry has a twelve month low of $39.60 and a twelve month high of $55.50. The company has a quick ratio of 1.87, a current ratio of 2.59 and a debt-to-equity ratio of 0.49.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Friday, September 7th were issued a dividend of $0.3375 per share. This represents a $1.35 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend was Thursday, September 6th. Tapestry’s payout ratio is 51.33%.
In other Tapestry news, Director Ivan Menezes sold 2,068 shares of the stock in a transaction on Friday, August 31st. The shares were sold at an average price of $50.70, for a total value of $104,847.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ian Bickley sold 48,071 shares of the stock in a transaction on Monday, August 20th. The shares were sold at an average price of $52.13, for a total transaction of $2,505,941.23. The disclosure for this sale can be found here. Insiders have sold 50,602 shares of company stock valued at $2,633,939 in the last 90 days. 0.70% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Itau Unibanco Holding S.A. lifted its stake in Tapestry by 263.6% in the second quarter. Itau Unibanco Holding S.A. now owns 6,418 shares of the luxury accessories retailer’s stock valued at $299,000 after acquiring an additional 4,653 shares during the last quarter. Korea Investment CORP lifted its stake in Tapestry by 4.4% in the second quarter. Korea Investment CORP now owns 145,701 shares of the luxury accessories retailer’s stock valued at $6,806,000 after acquiring an additional 6,200 shares during the last quarter. CWM LLC lifted its stake in Tapestry by 33.6% in the second quarter. CWM LLC now owns 192,743 shares of the luxury accessories retailer’s stock valued at $9,003,000 after acquiring an additional 48,431 shares during the last quarter. TCW Group Inc. lifted its stake in Tapestry by 3.3% in the second quarter. TCW Group Inc. now owns 2,479,549 shares of the luxury accessories retailer’s stock valued at $115,820,000 after acquiring an additional 79,076 shares during the last quarter. Finally, Heritage Trust Co lifted its stake in Tapestry by 2.4% in the second quarter. Heritage Trust Co now owns 53,122 shares of the luxury accessories retailer’s stock valued at $2,481,000 after acquiring an additional 1,269 shares during the last quarter. Hedge funds and other institutional investors own 90.04% of the company’s stock.
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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