Tapestry (NYSE:TPR) Sets New 52-Week High - Time to Buy?

Key Points

• Tapestry, Inc. (NYSE: TPR) reached a new 52-week high of $113.38 during trading, closing at $112.63.
• Analyst ratings have been largely positive, with Barclays and Raymond James setting target prices of $105.00 and $115.00 respectively, while the consensus rating is a "Moderate Buy".
• Institutional investors hold a significant stake in Tapestry, with 90.77% of the stock owned by them, indicating strong market confidence in the company.

Tapestry, Inc. (NYSE:TPR - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $113.38 and last traded at $112.63, with a volume of 796624 shares trading hands. The stock had previously closed at $110.86.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TPR. Barclays restated an "overweight" rating and set a $105.00 target price (up from $98.00) on shares of Tapestry in a research report on Friday, July 11th. Raymond James Financial restated an "outperform" rating and set a $115.00 target price (up from $85.00) on shares of Tapestry in a research report on Tuesday, July 22nd. Wall Street Zen lowered shares of Tapestry from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. UBS Group restated a "neutral" rating and set a $112.00 target price (up from $73.00) on shares of Tapestry in a research report on Monday, August 4th. Finally, Cowen reaffirmed a "buy" rating on shares of Tapestry in a report on Thursday, August 7th. Four research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $101.56.

Tapestry Trading Up 2.8%

The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The company has a market cap of $23.67 billion, a PE ratio of 29.99, a P/E/G ratio of 2.18 and a beta of 1.51. The business's 50-day simple moving average is $95.40 and its 200-day simple moving average is $82.11.

Institutional Trading of Tapestry

Several hedge funds and other institutional investors have recently bought and sold shares of TPR. Harbour Investments Inc. lifted its holdings in shares of Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after acquiring an additional 197 shares during the period. Flaharty Asset Management LLC bought a new position in shares of Tapestry during the 1st quarter worth about $25,000. First PREMIER Bank bought a new position in shares of Tapestry during the 2nd quarter worth about $25,000. Vestor Capital LLC bought a new position in shares of Tapestry during the 2nd quarter worth about $27,000. Finally, Greenline Partners LLC bought a new position in shares of Tapestry during the 4th quarter worth about $29,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.

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