Tapestry (TPR) Upgraded by Goldman Sachs Group to Conviction-Buy
Tapestry (NYSE:TPR) was upgraded by investment analysts at Goldman Sachs Group from a “buy” rating to a “conviction-buy” rating in a research note issued to investors on Tuesday, The Fly reports.
Several other brokerages have also recently issued reports on TPR. Vetr cut shares of Tapestry from a “hold” rating to a “sell” rating and set a $45.98 target price on the stock. in a report on Monday, August 7th. Buckingham Research set a $48.00 target price on shares of Tapestry and gave the stock a “buy” rating in a report on Friday, October 6th. Susquehanna Bancshares started coverage on shares of Tapestry in a report on Thursday, November 2nd. They issued a “positive” rating and a $50.00 target price on the stock. Cowen restated a “buy” rating and issued a $46.00 target price on shares of Tapestry in a report on Thursday, September 28th. Finally, William Blair restated a “buy” rating on shares of Tapestry in a report on Saturday, October 21st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $47.70.
Tapestry (NYSE TPR) traded up $0.11 during trading hours on Tuesday, hitting $41.65. 1,854,200 shares of the stock were exchanged, compared to its average volume of 3,385,831. Tapestry has a 1 year low of $34.16 and a 1 year high of $48.85. The company has a current ratio of 1.74, a quick ratio of 1.25 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $11,840.00, a PE ratio of 19.50, a price-to-earnings-growth ratio of 1.56 and a beta of 0.46.
In other news, SVP Melinda Brown sold 8,250 shares of the company’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $41.28, for a total value of $340,560.00. Following the sale, the senior vice president now directly owns 42,884 shares of the company’s stock, valued at approximately $1,770,251.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.98% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in TPR. M&R Capital Management Inc. purchased a new stake in Tapestry during the third quarter worth $153,000. LMR Partners LLP purchased a new stake in Tapestry during the third quarter worth $229,000. Point View Wealth Management Inc. purchased a new stake in Tapestry during the third quarter worth $552,000. New Mexico Educational Retirement Board purchased a new stake in Tapestry during the third quarter worth $1,051,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Tapestry during the third quarter worth $4,916,000. 88.10% of the stock is currently owned by hedge funds and other institutional investors.
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Tapestry Company Profile
Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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