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

Tapestry, Inc. (NYSE:TPR) hit a new 52-week high during trading on Thursday . The stock traded as high as $55.50 and last traded at $55.50, with a volume of 429380 shares. The stock had previously closed at $51.26.

Wall Street Analyst Weigh In

TPR has been the subject of several analyst reports. Evercore ISI increased their price target on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. UBS Group decreased their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Telsey Advisory Group boosted their price objective on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday. JPMorgan Chase & Co. raised their target price on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Bank of America boosted their price target on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.69.

Tapestry Stock Down 1.0 %

The company has a market capitalization of $13.34 billion, a PE ratio of 16.54, a P/E/G ratio of 1.78 and a beta of 1.53. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The company’s 50-day moving average is $46.55 and its 200 day moving average is $42.95.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.95 earnings per share. As a group, analysts anticipate that Tapestry, Inc. will post 4.54 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TPR. Bessemer Group Inc. lifted its stake in Tapestry by 1,328.8% during the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after acquiring an additional 28,038 shares during the period. Manning & Napier Advisors LLC bought a new position in Tapestry during the second quarter valued at approximately $3,718,000. Lazard Asset Management LLC boosted its holdings in Tapestry by 611.8% in the first quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock worth $3,019,000 after purchasing an additional 54,679 shares during the last quarter. Clearbridge Investments LLC bought a new stake in Tapestry in the 1st quarter worth approximately $54,055,000. Finally, Fiera Capital Corp raised its stake in Tapestry by 1.2% during the 2nd quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer’s stock valued at $62,590,000 after buying an additional 17,497 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

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.