Tapestry (NYSE:TPR – Get Free Report) had its price objective lifted by Evercore ISI from $68.00 to $74.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the luxury accessories retailer’s stock. Evercore ISI’s target price would indicate a potential upside of 1.95% from the stock’s previous close.
Other equities research analysts have also issued research reports about the company. UBS Group boosted their price target on Tapestry from $57.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Telsey Advisory Group boosted their price target on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Citigroup upped their target price on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Barclays upgraded Tapestry from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $57.00 to $87.00 in a research report on Wednesday, January 8th. Finally, TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a research report on Tuesday, October 29th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average target price of $65.39.
View Our Latest Research Report on TPR
Tapestry Stock Down 2.8 %
Insider Activity
In other news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the transaction, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.18% of the stock is currently owned by corporate insiders.
Institutional Trading of Tapestry
A number of hedge funds and other institutional investors have recently modified their holdings of TPR. Public Sector Pension Investment Board increased its holdings in shares of Tapestry by 13.2% in the second quarter. Public Sector Pension Investment Board now owns 38,919 shares of the luxury accessories retailer’s stock valued at $1,665,000 after purchasing an additional 4,528 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Tapestry in the 2nd quarter worth $311,000. Magnolia Capital Advisors LLC acquired a new stake in shares of Tapestry during the second quarter worth $295,000. Creative Planning increased its holdings in Tapestry by 1.0% in the second quarter. Creative Planning now owns 48,518 shares of the luxury accessories retailer’s stock valued at $2,076,000 after purchasing an additional 457 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Tapestry by 7.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 12,118 shares of the luxury accessories retailer’s stock valued at $519,000 after buying an additional 884 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.
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.
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