Tapestry (NYSE:TPR) Reaches New 52-Week High After Dividend Announcement

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

The newly announced dividend which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.68%. Tapestry’s payout ratio is currently 39.89%.

Analyst Ratings Changes

A number of research firms have weighed in on TPR. UBS Group cut their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. The Goldman Sachs Group boosted their price objective on shares of Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Bank of America boosted their price objective on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Evercore ISI boosted their price objective on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Finally, TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective on the stock. in a research note on Tuesday, October 29th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.75.

Tapestry Stock Up 4.8 %

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 firm’s 50-day moving average is $44.83 and its 200 day moving average is $42.32. The firm has a market capitalization of $12.14 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.75 and a beta of 1.53.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TPR. Capital Research Global Investors increased its position 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 worth $296,212,000 after purchasing an additional 489,933 shares in the last quarter. Pacer Advisors Inc. increased its position in Tapestry by 53.1% during the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after purchasing an additional 2,087,586 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Tapestry by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after purchasing an additional 165,406 shares in the last quarter. Bank of New York Mellon Corp increased its position in Tapestry by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after purchasing an additional 46,760 shares in the last quarter. Finally, AQR Capital Management LLC increased its position 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 purchasing an additional 1,051,743 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.