Tapestry (NYSE:TPR) Reaches New 52-Week High After Analyst Upgrade

Tapestry, Inc. (NYSE:TPR)’s share price hit a new 52-week high during trading on Monday after Barclays raised their price target on the stock from $98.00 to $105.00. Barclays currently has an overweight rating on the stock. Tapestry traded as high as $100.37 and last traded at $99.78, with a volume of 685133 shares traded. The stock had previously closed at $98.43.

TPR has been the subject of a number of other reports. Cowen raised Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, June 12th. Telsey Advisory Group reissued an “outperform” rating and set a $92.00 price objective on shares of Tapestry in a research report on Friday, May 9th. The Goldman Sachs Group boosted their price objective on Tapestry from $84.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Wall Street Zen raised Tapestry from a “hold” rating to a “buy” rating in a research report on Tuesday, May 13th. Finally, Morgan Stanley raised Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price target for the company in a report on Thursday, May 8th. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $89.17.

Insider Activity at Tapestry

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

Institutional Investors Weigh In On Tapestry

Hedge funds have recently modified their holdings of the stock. Harbour Investments Inc. lifted its holdings in shares of Tapestry by 120.1% during the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after purchasing an additional 197 shares during the period. Flaharty Asset Management LLC acquired a new stake in shares of Tapestry during the first quarter worth $25,000. First PREMIER Bank acquired a new stake in shares of Tapestry during the second quarter worth $25,000. Greenline Partners LLC acquired a new stake in shares of Tapestry during the fourth quarter worth $29,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Tapestry during the first quarter worth $29,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Trading Up 3.3%

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 company has a fifty day moving average of $83.08 and a two-hundred day moving average of $76.28. The stock has a market capitalization of $21.12 billion, a price-to-earnings ratio of 26.76, a P/E/G ratio of 2.03 and a beta of 1.47.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.14. The firm had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. Tapestry’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.81 earnings per share. On average, research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry’s payout ratio is 36.84%.

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.