Tapestry (NYSE:TPR) Reaches New 1-Year High Following Dividend Announcement

Tapestry, Inc. (NYSE:TPR)’s share price reached a new 52-week high during trading on Thursday following a dividend announcement from the company. The stock traded as high as $52.00 and last traded at $52.00, with a volume of 153908 shares traded. The stock had previously closed at $49.76.

The newly announced dividend which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.72%. Tapestry’s payout ratio is 39.89%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TPR shares. Evercore ISI boosted their price target on shares of Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research report on Thursday. UBS Group lowered their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Bank of America increased their target price on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, JPMorgan Chase & Co. lifted their price target on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.75.

Tapestry Stock Up 3.6 %

The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The company has a market capitalization of $12.00 billion, a PE ratio of 14.69, a P/E/G ratio of 1.81 and a beta of 1.53. The business’s 50 day simple moving average is $45.05 and its 200 day simple moving average is $42.38.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the firm posted $0.95 earnings per share. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, analysts anticipate that Tapestry, Inc. will post 4.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tapestry

A number of institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors boosted its holdings in Tapestry by 8.5% during the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock valued at $296,212,000 after acquiring an additional 489,933 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Tapestry by 53.1% in the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after purchasing an additional 2,087,586 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Tapestry by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock valued at $151,965,000 after purchasing an additional 165,406 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Tapestry by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock valued at $116,928,000 after purchasing an additional 46,760 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Tapestry by 235.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after buying an additional 1,051,743 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.