Tapestry (NYSE:TPR) Hits New 1-Year High - Here's What Happened

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on TPR shares. Robert W. Baird lifted their target price on Tapestry from $58.00 to $64.00 and gave the company an "outperform" rating in a report on Friday, November 15th. Raymond James reaffirmed an "outperform" rating and issued a $57.00 price objective (up from $55.00) on shares of Tapestry in a research note on Friday, November 8th. TD Cowen cut Tapestry from a "buy" rating to a "hold" rating and set a $52.00 target price for the company. in a report on Tuesday, October 29th. Daiwa America upgraded shares of Tapestry to a "hold" rating in a report on Monday, November 18th. Finally, The Goldman Sachs Group boosted their price objective on shares of Tapestry from $58.00 to $66.00 and gave the stock a "buy" rating in a research note on Friday, November 15th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $64.76.

Tapestry Trading Down 0.0 %

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 business has a 50 day simple moving average of $61.75 and a two-hundred day simple moving average of $49.38. The stock has a market cap of $15.76 billion, a price-to-earnings ratio of 19.55, a price-to-earnings-growth ratio of 1.80 and a beta of 1.58.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Friday, December 6th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.07%. Tapestry's dividend payout ratio (DPR) is presently 40.46%.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the business's stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the sale, the vice president now owns 35,003 shares of the company's stock, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tapestry

A number of hedge funds have recently bought and sold shares of TPR. Choreo LLC acquired a new position in shares of Tapestry in the 2nd quarter worth approximately $242,000. Daiwa Securities Group Inc. boosted its holdings in Tapestry by 22.4% in the second quarter. Daiwa Securities Group Inc. now owns 9,239 shares of the luxury accessories retailer's stock worth $395,000 after purchasing an additional 1,691 shares during the period. Oppenheimer & Co. Inc. increased its stake in Tapestry by 2.8% during the second quarter. Oppenheimer & Co. Inc. now owns 33,477 shares of the luxury accessories retailer's stock valued at $1,432,000 after purchasing an additional 906 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Tapestry by 16.9% during the second quarter. DekaBank Deutsche Girozentrale now owns 11,273 shares of the luxury accessories retailer's stock worth $464,000 after purchasing an additional 1,631 shares during the period. Finally, Federated Hermes Inc. boosted its holdings in shares of Tapestry by 25.1% in the 2nd quarter. Federated Hermes Inc. now owns 81,618 shares of the luxury accessories retailer's stock valued at $3,492,000 after buying an additional 16,387 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.