Tapestry (NYSE:TPR) Reaches New 12-Month High After Dividend Announcement

Tapestry, Inc. (NYSE:TPR - Get Free Report) shares hit a new 52-week high on Thursday after the company announced a dividend. The company traded as high as $52.00 and last traded at $52.00, with a volume of 153908 shares changing hands. The stock had previously closed at $49.76.

The newly announced dividend which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.72%. Tapestry's payout ratio is currently 39.89%.

Analyst Ratings Changes

Several equities analysts recently weighed in on TPR shares. UBS Group dropped their price objective on Tapestry from $42.00 to $40.00 and set a "neutral" rating for the company in a research note on Friday, August 16th. Bank of America raised 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. Wells Fargo & Company boosted their price objective on shares of Tapestry from $50.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. JPMorgan Chase & Co. raised their target price on shares of Tapestry from $51.00 to $66.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Finally, Evercore ISI upped their price target on shares of Tapestry from $47.00 to $63.00 and gave the company an "outperform" rating in a report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, Tapestry has an average rating of "Moderate Buy" and a consensus price target of $51.75.

Tapestry Stock Up 3.6 %

The firm has a market capitalization of $12.00 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 1.81 and a beta of 1.53. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The firm has a 50-day moving average of $44.83 and a two-hundred day moving average of $42.32.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The company's revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 EPS. On average, equities research analysts forecast that Tapestry, Inc. will post 4.46 EPS for the current year.

Institutional Trading of Tapestry

Large investors have recently added to or reduced their stakes in the stock. Waldron Private Wealth LLC bought a new stake in shares of Tapestry during the third quarter valued at approximately $25,000. Fidelis Capital Partners LLC bought a new position in Tapestry during the first quarter valued at approximately $35,000. Massmutual Trust Co. FSB ADV lifted its stake in Tapestry by 54.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer's stock valued at $40,000 after acquiring an additional 328 shares during the last quarter. Blue Trust Inc. grew its position in Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer's stock worth $50,000 after acquiring an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc increased its stake in shares of Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer's stock worth $52,000 after purchasing an additional 317 shares during 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.