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

Shares of Tapestry, Inc. (NYSE:TPR) hit a new 52-week high on Friday . The company traded as high as $59.14 and last traded at $59.03, with a volume of 1039346 shares traded. The stock had previously closed at $56.41.

Analyst Ratings Changes

Several research firms recently commented on TPR. TD Cowen downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a research report on Tuesday, October 29th. UBS Group lowered their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. The Goldman Sachs Group increased their price target on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Daiwa America raised shares of Tapestry to a “hold” rating in a research report on Monday. Finally, Robert W. Baird increased their price target on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus price target of $57.78.

Tapestry Stock Performance

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 cap of $13.72 billion, a P/E ratio of 16.27, a price-to-earnings-growth ratio of 1.92 and a beta of 1.53. The business’s fifty day simple moving average is $47.70 and its 200-day simple moving average is $43.41.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.38%. Tapestry’s dividend payout ratio is presently 40.46%.

Insider Buying and Selling 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 stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the sale, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. The trade was a 20.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

A number of institutional investors have recently modified their holdings of the stock. TCW Group Inc. boosted its stake in Tapestry by 17.5% in the 3rd quarter. TCW Group Inc. now owns 554,104 shares of the luxury accessories retailer’s stock worth $26,032,000 after purchasing an additional 82,649 shares in the last quarter. Soltis Investment Advisors LLC purchased a new position in Tapestry in the third quarter worth about $1,971,000. Fortem Financial Group LLC lifted its stake in shares of Tapestry by 11.8% in the third quarter. Fortem Financial Group LLC now owns 12,124 shares of the luxury accessories retailer’s stock worth $570,000 after buying an additional 1,277 shares in the last quarter. Coldstream Capital Management Inc. grew its holdings in shares of Tapestry by 12.8% during the third quarter. Coldstream Capital Management Inc. now owns 8,573 shares of the luxury accessories retailer’s stock valued at $406,000 after buying an additional 970 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Tapestry by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after acquiring an additional 80,681 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

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.