Tapestry (NYSE:TPR) Hits New 52-Week High Following Analyst Upgrade

Tapestry, Inc. (NYSE:TPR)’s stock price hit a new 52-week high during mid-day trading on Monday after Argus raised their price target on the stock from $78.00 to $92.00. Argus currently has a buy rating on the stock. Tapestry traded as high as $100.37 and last traded at $99.78, with a volume of 685133 shares changing hands. The stock had previously closed at $98.43.

Other equities research analysts also recently issued research reports about the company. UBS Group raised their price objective on Tapestry from $68.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Redburn Atlantic raised shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price target for the company in a research report on Tuesday, February 18th. Cowen raised shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, June 12th. Citigroup increased their target price on shares of Tapestry from $81.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Finally, Barclays lifted their price target on shares of Tapestry from $83.00 to $98.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $89.17.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the sale, the vice president owned 40,922 shares in the company, valued at $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the business’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the transaction, the chief executive officer owned 116,062 shares of the company’s stock, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tapestry

Institutional investors have recently modified their holdings of the stock. Harbour Investments Inc. raised its position in shares of Tapestry by 120.1% in the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after acquiring an additional 197 shares during the period. Flaharty Asset Management LLC purchased a new position in shares of Tapestry in the 1st quarter valued at about $25,000. First PREMIER Bank acquired a new position in Tapestry in the 2nd quarter worth about $25,000. Greenline Partners LLC purchased a new position in Tapestry during the fourth quarter worth approximately $29,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Tapestry in the first quarter valued at approximately $29,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. The firm has a market capitalization of $21.10 billion, a PE ratio of 26.74, a PEG ratio of 2.10 and a beta of 1.47. The stock has a 50-day moving average price of $84.22 and a 200 day moving average price of $76.70.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.14. The firm had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 EPS. Equities analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were paid a dividend of $0.35 per share. The ex-dividend date was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.38%. Tapestry’s dividend payout ratio is currently 36.84%.

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.