Tapestry (NYSE:TPR) Upgraded by Jefferies Financial Group to “Buy” Rating

Jefferies Financial Group upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a research note published on Thursday morning, MarketBeat.com reports. They currently have $80.00 price objective on the luxury accessories retailer’s stock, up from their prior price objective of $50.00.

Several other research firms have also commented on TPR. BMO Capital Markets lifted their price target on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. Guggenheim raised their target price on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Daiwa America raised Tapestry to a “hold” rating in a research note on Monday, November 18th. Raymond James reiterated an “outperform” rating and set a $57.00 price target (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Finally, Telsey Advisory Group boosted their price objective on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and a consensus target price of $61.24.

Tapestry Stock Performance

Shares of TPR stock opened at $62.66 on Thursday. The business has a fifty day moving average of $54.65 and a 200 day moving average of $46.30. Tapestry has a 1 year low of $35.23 and a 1 year high of $65.30. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The firm has a market capitalization of $14.60 billion, a price-to-earnings ratio of 18.11, a price-to-earnings-growth ratio of 1.80 and a beta of 1.60.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Friday, December 6th. Tapestry’s payout ratio is currently 40.46%.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the firm’s 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 sale, the vice president now owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Waldron Private Wealth LLC acquired a new stake in shares of Tapestry in the 3rd quarter valued at $25,000. Brooklyn Investment Group acquired a new stake in Tapestry in the third quarter valued at $47,000. Blue Trust Inc. lifted its holdings in Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after buying an additional 556 shares during the last quarter. MUFG Securities EMEA plc boosted its position in shares of Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after acquiring an additional 317 shares in the last quarter. Finally, Chilton Capital Management LLC purchased a new position in shares of Tapestry in the 2nd quarter valued at about $53,000. 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.