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

Tapestry, Inc. (NYSE:TPR) declared a quarterly dividend on Friday, February 7th,Wall Street Journal reports. Stockholders of record on Thursday, March 6th will be paid a dividend of 0.35 per share by the luxury accessories retailer on Monday, March 24th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date is Thursday, March 6th.

Tapestry has increased its dividend payment by an average of 41.0% annually over the last three years. Tapestry has a payout ratio of 27.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Tapestry to earn $5.04 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 27.8%.

Tapestry Price Performance

NYSE:TPR traded down $2.17 during mid-day trading on Friday, hitting $80.04. The company’s stock had a trading volume of 5,464,868 shares, compared to its average volume of 4,955,514. Tapestry has a fifty-two week low of $35.23 and a fifty-two week high of $87.87. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $18.65 billion, a price-to-earnings ratio of 23.04, a P/E/G ratio of 2.07 and a beta of 1.58. The stock has a fifty day moving average of $67.72 and a 200-day moving average of $53.01.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. During the same period last year, the firm earned $1.63 earnings per share. As a group, equities analysts forecast that Tapestry will post 4.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on TPR shares. Wells Fargo & Company upped their price objective on shares of Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a research note on Monday. Bank of America increased their price target 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. Guggenheim increased their price target on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday. Evercore ISI increased their price target on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. Finally, Robert W. Baird increased their price objective on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $72.44.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the transaction, the vice president now owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.18% of the stock is owned by insiders.

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.