Tapestry (NYSE:TPR) Given New $98.00 Price Target at The Goldman Sachs Group

Tapestry (NYSE:TPR) had its price target hoisted by The Goldman Sachs Group from $72.00 to $98.00 in a research note issued to investors on Friday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the luxury accessories retailer’s stock.

Several other brokerages also recently commented on TPR. Bank of America lifted their target price on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Guggenheim raised their price target on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a report on Friday. Barclays raised shares of Tapestry from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $57.00 to $87.00 in a report on Wednesday, January 8th. Telsey Advisory Group boosted their price target on Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. Finally, UBS Group boosted their price objective on Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $73.17.

Tapestry Stock Performance

NYSE TPR opened at $80.28 on Friday. The company has a 50-day simple moving average of $68.08 and a two-hundred day simple moving average of $53.27. Tapestry has a 12-month low of $35.23 and a 12-month high of $87.87. The firm has a market cap of $18.71 billion, a price-to-earnings ratio of 23.20, a PEG ratio of 2.07 and a beta of 1.58. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. During the same quarter last year, the business posted $1.63 EPS. On average, equities analysts forecast that Tapestry will post 4.63 EPS for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is currently 40.46%.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the sale, the vice president now directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.18% of the company’s stock.

Hedge Funds Weigh In On Tapestry

Several hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. lifted its stake in Tapestry by 7.5% in the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock worth $20,381,000 after acquiring an additional 30,121 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Tapestry in the 3rd quarter worth approximately $5,446,000. Valley Wealth Managers Inc. boosted its stake in shares of Tapestry by 2.1% during the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after purchasing an additional 8,833 shares in the last quarter. Decker Retirement Planning Inc. purchased a new position in Tapestry during the fourth quarter valued at approximately $3,437,000. Finally, Westfield Capital Management Co. LP raised its stake in Tapestry by 14.8% in the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after buying an additional 219,544 shares in the last quarter. Institutional investors 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.