Tapestry (NYSE:TPR) Reaches New 52-Week High - Here's What Happened

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

Analyst Ratings Changes

A number of research analysts have issued reports on TPR shares. Citigroup raised their price target on shares of Tapestry from $49.00 to $55.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Wells Fargo & Company increased their price target on Tapestry from $65.00 to $75.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. StockNews.com downgraded Tapestry from a "buy" rating to a "hold" rating in a research report on Monday, October 28th. JPMorgan Chase & Co. increased their price objective on shares of Tapestry from $66.00 to $75.00 and gave the company an "overweight" rating in a report on Monday, December 16th. Finally, Daiwa America upgraded shares of Tapestry to a "hold" rating in a research report on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $61.24.

Tapestry Stock Performance

The company has a market capitalization of $15.22 billion, a price-to-earnings ratio of 18.88, a P/E/G ratio of 1.80 and a beta of 1.60. The firm's 50 day simple moving average is $57.89 and its 200-day simple moving average is $47.60. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date was Friday, December 6th. Tapestry's dividend payout ratio (DPR) is presently 40.46%.

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares of the company's stock, valued at $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.18% of the company's stock.

Institutional Investors Weigh In On Tapestry

A number of hedge funds have recently bought and sold shares of TPR. Victory Capital Management Inc. lifted its stake in shares of Tapestry by 7.5% in the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer's stock valued at $20,381,000 after buying an additional 30,121 shares during the period. Fiera Capital Corp lifted its holdings in shares of Tapestry by 1.2% during the second quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer's stock valued at $62,590,000 after acquiring an additional 17,497 shares during the period. Assenagon Asset Management S.A. acquired a new position in Tapestry in the third quarter valued at about $5,446,000. Valley Wealth Managers Inc. increased its holdings in shares of Tapestry by 2.1% during the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer's stock worth $19,971,000 after buying an additional 8,833 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in shares of Tapestry by 14.8% in the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer's stock valued at $79,822,000 after acquiring an additional 219,544 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

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.