Tapestry (NYSE:TPR) Reaches New 1-Year High – Here’s What Happened

Shares of Tapestry, Inc. (NYSE:TPR) reached a new 52-week high during trading on Tuesday . The stock traded as high as $68.42 and last traded at $67.63, with a volume of 5162420 shares changing hands. The stock had previously closed at $66.77.

Analysts Set New Price Targets

TPR has been the topic of several recent analyst reports. The Goldman Sachs Group raised their target price on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a report on Friday, November 15th. Bank of America raised 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. Robert W. Baird raised their price target on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. BMO Capital Markets raised their price target 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, JPMorgan Chase & Co. raised their price target on shares of Tapestry from $66.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $63.00.

Tapestry Trading Up 1.9 %

The firm’s 50-day moving average is $60.19 and its 200 day moving average is $48.62. 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 firm has a market capitalization of $15.99 billion, a price-to-earnings ratio of 19.83, a P/E/G ratio of 1.80 and a beta of 1.58.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were given a $0.35 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.04%. Tapestry’s dividend payout ratio (DPR) is currently 40.46%.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Waldron Private Wealth LLC bought a new stake in shares of Tapestry in the 3rd quarter valued at $25,000. Brooklyn Investment Group bought a new stake in shares of Tapestry in the 3rd quarter valued at $47,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Tapestry in the 2nd quarter valued at $68,000. Abich Financial Wealth Management LLC bought a new stake in shares of Tapestry in the 2nd quarter valued at $69,000. Finally, 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 in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.