Tapestry (NYSE:TPR) Reaches New 12-Month High After Earnings Beat

Tapestry, Inc. (NYSE:TPR)’s stock price reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $87.87 and last traded at $84.49, with a volume of 2606776 shares changing hands. The stock had previously closed at $73.38.

The luxury accessories retailer reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. During the same period in the prior year, the company earned $1.63 earnings per share.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.74%. Tapestry’s dividend payout ratio is presently 40.46%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Telsey Advisory Group raised their price target on Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. The Goldman Sachs Group raised their target price on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a report on Friday. Evercore ISI upped their price target on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a report on Monday, January 27th. BMO Capital Markets increased their price target on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. Finally, Bank of America lifted their price objective on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.17.

Insider Transactions at Tapestry

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

Hedge Funds Weigh In On Tapestry

A number of institutional investors have recently added to or reduced their stakes in the company. Erste Asset Management GmbH bought a new position in shares of Tapestry during the third quarter worth about $64,016,000. WT Asset Management Ltd bought a new stake in shares of Tapestry during the fourth quarter valued at about $42,762,000. Raymond James Financial Inc. bought a new position in shares of Tapestry in the fourth quarter valued at approximately $38,180,000. Bank of Montreal Can increased its position in shares of Tapestry by 76.6% during the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after purchasing an additional 539,793 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Tapestry by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock worth $522,471,000 after acquiring an additional 382,856 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Trading Down 2.3 %

The firm has a market capitalization of $18.71 billion, a price-to-earnings ratio of 23.20, a price-to-earnings-growth ratio of 2.07 and a beta of 1.58. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The firm’s 50 day moving average is $68.08 and its 200 day moving average is $53.27.

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.