Tapestry (NYSE:TPR) Hits New 1-Year High – What’s Next?

Shares of Tapestry, Inc. (NYSE:TPR) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $69.60 and last traded at $69.24, with a volume of 145757 shares changing hands. The stock had previously closed at $67.66.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on TPR shares. Telsey Advisory Group raised their price objective on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Raymond James reaffirmed an “outperform” rating and issued a $57.00 price target (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. JPMorgan Chase & Co. increased their price objective on shares of Tapestry from $66.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. UBS Group lifted their target price on Tapestry from $57.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Finally, Wells Fargo & Company increased their price target on Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and a consensus price target of $64.76.

Tapestry Stock Performance

The firm’s 50-day simple moving average is $62.47 and its two-hundred day simple moving average is $49.65. The stock has a market capitalization of $16.23 billion, a PE ratio of 20.12, a PEG ratio of 1.91 and a beta of 1.58. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Friday, December 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.01%. The ex-dividend date was Friday, December 6th. Tapestry’s payout ratio is 40.46%.

Insider Buying and Selling

In other news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was 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 $2,028,773.88. This represents a 20.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Atomi Financial Group Inc. boosted its stake in shares of Tapestry by 18.5% during the 4th quarter. Atomi Financial Group Inc. now owns 5,716 shares of the luxury accessories retailer’s stock valued at $373,000 after buying an additional 892 shares during the period. Capricorn Fund Managers Ltd acquired a new stake in Tapestry during the fourth quarter valued at $3,905,000. UMB Bank n.a. grew its stake in Tapestry by 72.9% in the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock valued at $77,000 after purchasing an additional 496 shares in the last quarter. Verity & Verity LLC acquired a new position in Tapestry in the 4th quarter worth about $254,000. Finally, Merit Financial Group LLC purchased a new stake in shares of Tapestry during the 4th quarter worth about $797,000. 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.