Tapestry (NYSE:TPR) Reaches New 12-Month High – Here’s What Happened

Tapestry, Inc. (NYSE:TPR)’s stock price hit a new 52-week high on Thursday . The stock traded as high as $76.02 and last traded at $75.67, with a volume of 421597 shares changing hands. The stock had previously closed at $74.39.

Wall Street Analyst Weigh In

Several research analysts have commented on TPR shares. Morgan Stanley reaffirmed an “equal weight” rating and issued a $65.00 price target on shares of Tapestry in a research report on Tuesday, January 21st. UBS Group increased their price target on shares of Tapestry from $57.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Telsey Advisory Group boosted their price objective on shares of Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. BMO Capital Markets increased their target price on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, November 18th. Finally, The Goldman Sachs Group boosted their price target on Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average price target of $65.56.

Tapestry Stock Up 1.9 %

The firm has a market capitalization of $17.66 billion, a price-to-earnings ratio of 21.91, a P/E/G ratio of 2.07 and a beta of 1.58. The firm has a fifty day moving average price of $65.88 and a 200 day moving average price of $51.70. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.85%. The ex-dividend date was Friday, December 6th. Tapestry’s payout ratio is presently 40.46%.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction on Friday, November 15th. The stock was 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 in the company, valued at $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Waldron Private Wealth LLC bought a new position in shares of Tapestry in the 3rd quarter worth $25,000. Brooklyn Investment Group bought a new position in Tapestry during the third quarter worth about $47,000. UMB Bank n.a. grew its position in shares of Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after buying an additional 496 shares during the period. Deseret Mutual Benefit Administrators increased its stake in shares of Tapestry by 68.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after acquiring an additional 605 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Tapestry in the 2nd quarter valued at approximately $68,000. Institutional investors 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.