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

Tapestry, Inc. (NYSE:TPR) shares reached a new 52-week high on Friday . The stock traded as high as $59.14 and last traded at $59.03, with a volume of 1039346 shares changing hands. The stock had previously closed at $56.41.

Analyst Upgrades and Downgrades

TPR has been the topic of several research analyst reports. Daiwa America raised Tapestry to a “hold” rating in a report on Monday. BMO Capital Markets raised their price objective on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday. Guggenheim upped their price target on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Raymond James restated an “outperform” rating and set a $57.00 price objective (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Finally, The Goldman Sachs Group boosted their price target on shares of Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.78.

Tapestry Stock Up 4.4 %

The company has a market cap of $13.72 billion, a P/E ratio of 16.27, a price-to-earnings-growth ratio of 1.92 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 moving average is $47.70 and its two-hundred day moving average is $43.41.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 2.38%. Tapestry’s payout ratio is currently 40.46%.

Insider Activity at Tapestry

In other Tapestry 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 transaction, the vice president now directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Pacer Advisors Inc. lifted its stake in shares of Tapestry by 53.1% during the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after buying an additional 2,087,586 shares during the period. Erste Asset Management GmbH purchased a new position in Tapestry in the third quarter valued at $64,016,000. AQR Capital Management LLC increased its stake in shares of Tapestry by 235.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after purchasing an additional 1,051,743 shares in the last quarter. Coronation Fund Managers Ltd. raised its stake in shares of Tapestry by 265.1% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after buying an additional 758,539 shares during the period. Finally, Swedbank AB raised its position in Tapestry by 206.5% during the second quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock worth $42,782,000 after acquiring an additional 673,655 shares during the period. Institutional investors own 90.77% of the company’s stock.

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.