Tapestry (NYSE:TPR) Given New $70.00 Price Target at UBS Group

Tapestry (NYSE:TPR) had its price target hoisted by UBS Group from $57.00 to $70.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the luxury accessories retailer’s stock. UBS Group’s price target indicates a potential upside of 3.83% from the company’s previous close.

Several other research firms have also commented on TPR. The Goldman Sachs Group increased their target price on Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a report on Friday, November 15th. JPMorgan Chase & Co. raised their target price on Tapestry from $66.00 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Citigroup upped their price target on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, October 25th. Raymond James reissued an “outperform” rating and set a $57.00 price objective (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. Finally, Guggenheim boosted their price objective on shares of Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $64.76.

Tapestry Stock Down 1.6 %

Shares of Tapestry stock traded down $1.11 on Friday, reaching $67.42. 2,428,489 shares of the company were exchanged, compared to its average volume of 3,594,954. The stock’s 50 day moving average price is $60.62 and its 200-day moving average price is $48.76. The company has a market cap of $15.71 billion, a P/E ratio of 19.49, a price-to-earnings-growth ratio of 1.80 and a beta of 1.58. Tapestry has a 1-year low of $35.23 and a 1-year high of $69.09. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

Insider Buying and Selling at Tapestry

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

Institutional Investors Weigh In On Tapestry

A number of institutional investors and hedge funds have recently modified their holdings of TPR. Charles Schwab Investment Management Inc. increased its position in shares of Tapestry by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after buying an additional 272,007 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after acquiring an additional 58,135 shares in the last quarter. Geode Capital Management LLC increased its holdings in Tapestry by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after acquiring an additional 80,681 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Tapestry by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after acquiring an additional 165,406 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its position in shares of 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 valued at $79,822,000 after purchasing an additional 219,544 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.