Tapestry (NYSE:TPR) Hits New 52-Week High – Should You Buy?

Tapestry, Inc. (NYSE:TPR)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $69.60 and last traded at $69.24, with a volume of 145757 shares changing hands. The stock had previously closed at $67.66.

Analysts Set New Price Targets

TPR has been the subject of several research reports. UBS Group raised their price objective on shares of Tapestry from $57.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Guggenheim boosted their price target on Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Daiwa America upgraded Tapestry to a “hold” rating in a research report on Monday, November 18th. Citigroup boosted their target price on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research report 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 for the company. in a research note on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $64.76.

Tapestry Stock Performance

The company has a fifty day moving average price of $61.39 and a two-hundred day moving average price of $49.21. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The company has a market capitalization of $15.78 billion, a P/E ratio of 19.57, a PEG ratio of 1.80 and a beta of 1.58.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend was Friday, December 6th. Tapestry’s payout ratio is 40.46%.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the sale, the vice president now owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

Several large investors have recently modified their holdings of the company. Redwood Investment Management LLC grew its holdings in Tapestry by 0.4% during the 3rd quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer’s stock worth $2,269,000 after acquiring an additional 204 shares during the period. Lebenthal Global Advisors LLC increased its holdings in Tapestry by 2.8% in the third quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock worth $367,000 after purchasing an additional 215 shares in the last quarter. OneDigital Investment Advisors LLC lifted its stake in Tapestry by 3.0% in the third quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock valued at $353,000 after buying an additional 218 shares during the period. Summit Trail Advisors LLC boosted its holdings in shares of Tapestry by 1.6% during the 3rd quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock worth $765,000 after buying an additional 251 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Tapestry by 4.8% during the 3rd quarter. GAMMA Investing LLC now owns 6,095 shares of the luxury accessories retailer’s stock worth $286,000 after buying an additional 280 shares during the period. 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.