Tapestry (NYSE:TPR) Reaches New 12-Month High – What’s Next?

Tapestry, Inc. (NYSE:TPR)’s share price reached a new 52-week high on Thursday . The stock traded as high as $65.60 and last traded at $65.26, with a volume of 151052 shares changing hands. The stock had previously closed at $65.28.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Tapestry from $66.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Wells Fargo & Company boosted their price target on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Telsey Advisory Group boosted their price target on Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Bank of America boosted their price target on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Robert W. Baird boosted 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. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average target price of $61.24.

Tapestry Price Performance

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 has a 50-day simple moving average of $57.04 and a 200-day simple moving average of $47.20. The company has a market cap of $15.35 billion, a price-to-earnings ratio of 19.04, a PEG ratio of 1.80 and a beta of 1.60.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Friday, December 6th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date was Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 8,872 shares of the company’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 owns 35,003 shares in the company, valued at $2,028,773.88. This represents a 20.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

A number of institutional investors and hedge funds have recently modified their holdings of TPR. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Tapestry by 8.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 50,175 shares of the luxury accessories retailer’s stock worth $2,147,000 after acquiring an additional 3,972 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in Tapestry by 7.1% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 8,131 shares of the luxury accessories retailer’s stock valued at $348,000 after buying an additional 540 shares in the last quarter. Signaturefd LLC lifted its stake in Tapestry by 89.3% in the 2nd quarter. Signaturefd LLC now owns 2,578 shares of the luxury accessories retailer’s stock valued at $110,000 after buying an additional 1,216 shares in the last quarter. Fort Washington Investment Advisors Inc. OH lifted its stake in Tapestry by 11.5% in the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 7,278 shares of the luxury accessories retailer’s stock valued at $311,000 after buying an additional 750 shares in the last quarter. Finally, iA Global Asset Management Inc. lifted its stake in Tapestry by 15.7% in the 2nd quarter. iA Global Asset Management Inc. now owns 17,794 shares of the luxury accessories retailer’s stock valued at $761,000 after buying an additional 2,417 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.