Tapestry (NYSE:TPR) Reaches New 52-Week High – What’s Next?

Tapestry, Inc. (NYSE:TPR)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $55.50 and last traded at $55.50, with a volume of 429380 shares traded. The stock had previously closed at $51.26.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Guggenheim boosted their target price on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Citigroup upped their price objective on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Evercore ISI lifted their target price on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Finally, Bank of America boosted their price target on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and an average price target of $57.69.

Tapestry Stock Performance

The firm has a market capitalization of $13.34 billion, a PE ratio of 16.54, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The business’s fifty day simple moving average is $46.55 and its 200-day simple moving average is $42.95.

Tapestry (NYSE:TPR) last posted its earnings results 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 company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. Tapestry’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the company posted $0.95 earnings per share. As a group, equities research analysts expect that Tapestry, Inc. will post 4.54 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.45%. Tapestry’s dividend payout ratio (DPR) is 40.46%.

Hedge Funds Weigh In On Tapestry

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its stake in Tapestry by 1,328.8% in the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock worth $1,432,000 after acquiring an additional 28,038 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in Tapestry in the second quarter worth $3,718,000. Lazard Asset Management LLC raised its stake in Tapestry by 611.8% during the first quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock valued at $3,019,000 after purchasing an additional 54,679 shares in the last quarter. Clearbridge Investments LLC bought a new position in Tapestry during the first quarter valued at $54,055,000. Finally, Fiera Capital Corp grew its stake in shares of Tapestry by 1.2% in the 2nd quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer’s stock worth $62,590,000 after buying an additional 17,497 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

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.