Citigroup Raises Tapestry (TPR) Price Target to $55.00

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Tapestry (NYSE:TPR) had its target price increased by Citigroup from $53.00 to $55.00 in a research note issued to investors on Thursday morning. They currently have a neutral rating on the luxury accessories retailer’s stock.

A number of other equities analysts also recently weighed in on the company. Zacks Investment Research upgraded Tapestry from a hold rating to a buy rating and set a $60.00 target price on the stock in a research note on Friday, April 20th. Deutsche Bank boosted their target price on Tapestry to $64.00 and gave the stock a buy rating in a research note on Thursday, April 19th. They noted that the move was a valuation call. Wells Fargo & Co set a $60.00 target price on Tapestry and gave the stock a buy rating in a research note on Monday, April 23rd. Canaccord Genuity set a $59.00 target price on Tapestry and gave the stock a buy rating in a research note on Friday, April 27th. Finally, UBS Group cut their target price on Tapestry from $62.00 to $59.00 and set a buy rating on the stock in a research note on Tuesday, July 31st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Tapestry presently has an average rating of Buy and an average target price of $56.10.

Shares of NYSE TPR opened at $51.41 on Thursday. Tapestry has a twelve month low of $38.70 and a twelve month high of $55.50. The company has a market capitalization of $13.80 billion, a PE ratio of 23.91, a price-to-earnings-growth ratio of 1.46 and a beta of 0.40. The company has a current ratio of 2.66, a quick ratio of 1.83 and a debt-to-equity ratio of 0.51.

Tapestry (NYSE:TPR) last announced its earnings results on Tuesday, August 14th. The luxury accessories retailer reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Tapestry had a return on equity of 24.12% and a net margin of 6.10%. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the previous year, the business earned $0.50 EPS. The company’s revenue was up 30.9% compared to the same quarter last year. analysts forecast that Tapestry will post 2.59 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 7th will be paid a $0.3375 dividend. The ex-dividend date is Thursday, September 6th. This represents a $1.35 annualized dividend and a yield of 2.63%. Tapestry’s payout ratio is 62.79%.

A number of institutional investors have recently bought and sold shares of TPR. BlackRock Inc. raised its holdings in Tapestry by 15.5% during the 2nd quarter. BlackRock Inc. now owns 20,772,651 shares of the luxury accessories retailer’s stock valued at $970,290,000 after acquiring an additional 2,780,915 shares during the period. FMR LLC raised its holdings in Tapestry by 19.8% during the 2nd quarter. FMR LLC now owns 8,097,454 shares of the luxury accessories retailer’s stock valued at $378,232,000 after acquiring an additional 1,335,513 shares during the period. American Century Companies Inc. raised its holdings in Tapestry by 14.3% during the 2nd quarter. American Century Companies Inc. now owns 7,698,002 shares of the luxury accessories retailer’s stock valued at $359,574,000 after acquiring an additional 965,693 shares during the period. Renaissance Technologies LLC raised its holdings in Tapestry by 1.0% during the 2nd quarter. Renaissance Technologies LLC now owns 5,915,500 shares of the luxury accessories retailer’s stock valued at $276,313,000 after acquiring an additional 59,100 shares during the period. Finally, Voya Investment Management LLC raised its holdings in Tapestry by 147.7% during the 2nd quarter. Voya Investment Management LLC now owns 5,210,305 shares of the luxury accessories retailer’s stock valued at $243,373,000 after acquiring an additional 3,107,067 shares during the period. Institutional investors and hedge funds own 90.23% of the company’s stock.

About Tapestry

Tapestry, Inc provides luxury accessories and lifestyle brands. It offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, sunglasses, watches, novelty accessories, and ready-to-wear for men.

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