JPMorgan Chase & Co. Issues Positive Forecast for Tapestry (NYSE:TPR) Stock Price

Tapestry (NYSE:TPR) had its target price increased by JPMorgan Chase & Co. from $88.00 to $104.00 in a research note published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the luxury accessories retailer’s stock.

A number of other brokerages have also issued reports on TPR. Evercore ISI increased their target price on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Citigroup raised their price objective on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Guggenheim upped their target price on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Bank of America raised their target price on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Robert W. Baird upped their price target on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $74.78.

Tapestry Price Performance

TPR opened at $85.15 on Wednesday. The company has a quick ratio of 4.38, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The company’s 50-day moving average price is $69.14 and its 200 day moving average price is $54.23. Tapestry has a fifty-two week low of $35.23 and a fifty-two week high of $87.87. The firm has a market cap of $19.84 billion, a price-to-earnings ratio of 24.68, a price-to-earnings-growth ratio of 2.30 and a beta of 1.58.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter last year, the company earned $1.63 earnings per share. As a group, sell-side analysts expect that Tapestry will post 4.7 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.64%. Tapestry’s dividend payout ratio is presently 40.58%.

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction 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 transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.18% of the company’s stock.

Hedge Funds Weigh In On Tapestry

Hedge funds have recently bought and sold shares of the company. Pinpoint Asset Management Ltd purchased a new stake in shares of Tapestry during the 4th quarter worth approximately $313,000. Atlas Capital Advisors Inc. grew its holdings in Tapestry by 527.2% during the fourth quarter. Atlas Capital Advisors Inc. now owns 1,267 shares of the luxury accessories retailer’s stock valued at $83,000 after purchasing an additional 1,065 shares during the period. Cinctive Capital Management LP grew its holdings in Tapestry by 174.7% during the fourth quarter. Cinctive Capital Management LP now owns 362,807 shares of the luxury accessories retailer’s stock valued at $23,702,000 after purchasing an additional 230,731 shares during the period. Groupama Asset Managment increased its position in Tapestry by 129.8% in the fourth quarter. Groupama Asset Managment now owns 12,372 shares of the luxury accessories retailer’s stock worth $814,000 after buying an additional 6,988 shares during the last quarter. Finally, Trexquant Investment LP raised its stake in shares of Tapestry by 155.5% in the fourth quarter. Trexquant Investment LP now owns 105,740 shares of the luxury accessories retailer’s stock valued at $6,908,000 after buying an additional 64,359 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Company Profile

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.