Tapestry (NYSE:TPR) Hits New 1-Year High – Here’s Why

Tapestry, Inc. (NYSE:TPR)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $66.47 and last traded at $65.33, with a volume of 2601086 shares trading hands. The stock had previously closed at $65.82.

Analyst Ratings Changes

Several analysts recently issued reports on TPR shares. Daiwa America raised shares of Tapestry to a “hold” rating in a report on Monday, November 18th. Barclays restated an “equal weight” rating and set a $57.00 price target on shares of Tapestry in a report on Wednesday, November 20th. Citigroup lifted their price objective on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Finally, Jefferies Financial Group raised Tapestry from a “hold” rating to a “buy” rating and lifted their price target for the stock from $50.00 to $80.00 in a research report on Thursday, December 19th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.24.

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 capitalization of $15.29 billion, a price-to-earnings ratio of 18.97, a PEG ratio of 1.80 and a beta of 1.60. The stock has a fifty day moving average price of $58.75 and a 200-day moving average price of $47.84.

Tapestry Dividend Announcement

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

Insider Transactions at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction 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 completion of 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 SEC, which can be accessed through this hyperlink. 1.18% of the stock is owned by insiders.

Institutional Trading of Tapestry

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Pacer Advisors Inc. grew its holdings in Tapestry by 53.1% during the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after acquiring an additional 2,087,586 shares during the last quarter. Erste Asset Management GmbH bought a new stake in shares of Tapestry during the third quarter valued at approximately $64,016,000. AQR Capital Management LLC increased its holdings in shares of Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after purchasing an additional 1,051,743 shares in the last quarter. Bank of Montreal Can raised its position in Tapestry by 76.6% in the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock worth $59,641,000 after purchasing an additional 539,793 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Tapestry by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after buying an additional 272,007 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.