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

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

The newly announced dividend which will be paid on Monday, December 23rd. Investors 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 yield of 2.68%. Tapestry’s dividend payout ratio (DPR) is presently 39.89%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TPR shares. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research note on Thursday. Wells Fargo & Company increased their target price on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. The Goldman Sachs Group increased their target price on Tapestry from $47.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. UBS Group dropped their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Finally, Bank of America raised their price target on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.75.

Tapestry Price Performance

The stock has a market capitalization of $12.14 billion, a price-to-earnings ratio of 14.81, a price-to-earnings-growth ratio of 1.75 and a beta of 1.53. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The stock has a 50-day simple moving average of $44.83 and a 200 day simple moving average of $42.32.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the company posted $0.95 EPS. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. On average, equities research analysts forecast that Tapestry, Inc. will post 4.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Tapestry

A number of hedge funds and other institutional investors have recently made changes to their positions in TPR. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Tapestry in the 1st quarter valued at approximately $260,000. Norden Group LLC bought a new position in Tapestry in the 1st quarter worth approximately $297,000. Mirae Asset Global Investments Co. Ltd. increased its position in Tapestry by 70.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 146,967 shares of the luxury accessories retailer’s stock worth $6,694,000 after buying an additional 60,901 shares during the period. Fidelis Capital Partners LLC bought a new position in Tapestry in the 1st quarter worth approximately $35,000. Finally, Daiwa Securities Group Inc. increased its position in Tapestry by 22.9% in the 1st quarter. Daiwa Securities Group Inc. now owns 7,548 shares of the luxury accessories retailer’s stock worth $358,000 after buying an additional 1,407 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

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.