Tapestry, Inc. Declares Quarterly Dividend of $0.35 (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR) declared a quarterly dividend on Thursday, November 7th, RTT News reports. Shareholders of record on Friday, December 6th will be given a dividend of 0.35 per share by the luxury accessories retailer on Monday, December 23rd. This represents a $1.40 annualized dividend and a yield of 2.69%.

Tapestry has raised its dividend by an average of 56.8% annually over the last three years. Tapestry has a payout ratio of 31.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Tapestry to earn $4.64 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 30.2%.

Tapestry Stock Up 4.5 %

TPR opened at $52.00 on Thursday. Tapestry has a one year low of $27.20 and a one year high of $52.00. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. The stock has a market capitalization of $12.10 billion, a P/E ratio of 14.18, a price-to-earnings-growth ratio of 1.75 and a beta of 1.53. The business’s 50-day simple moving average is $44.83 and its 200-day simple moving average is $42.32.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 EPS. Analysts anticipate that Tapestry will post 4.46 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Citigroup raised their price target on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. TD Cowen downgraded Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a research note on Tuesday, October 29th. Bank of America raised their price target on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Finally, Wells Fargo & Company increased their price objective on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $51.75.

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.