Tapestry (NYSE:TPR) Hits New 12-Month High – Still a Buy?

Tapestry, Inc. (NYSE:TPR)’s share price reached a new 52-week high on Friday . The company traded as high as $61.91 and last traded at $61.81, with a volume of 252362 shares traded. The stock had previously closed at $60.92.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. UBS Group cut their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Guggenheim increased their price target on shares of Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Wells Fargo & Company lifted their price objective on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, November 15th. BMO Capital Markets increased their target price on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, November 18th. Finally, Evercore ISI increased their price objective on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.78.

Tapestry Stock Performance

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 stock has a fifty day moving average price of $49.84 and a two-hundred day moving average price of $44.28. The company has a market capitalization of $14.51 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 2.11 and a beta of 1.53.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio is presently 40.46%.

Insiders Place Their Bets

In related news, VP Manesh Dadlani sold 8,872 shares of the company’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 transaction of $514,221.12. Following the completion of the transaction, the vice president now owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

Several institutional investors have recently made changes to their positions in TPR. Waldron Private Wealth LLC acquired a new stake in Tapestry during the third quarter worth about $25,000. Massmutual Trust Co. FSB ADV lifted its position in Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after buying an additional 328 shares in the last quarter. Brooklyn Investment Group purchased a new stake in Tapestry during the third quarter worth approximately $47,000. Blue Trust Inc. increased its position in shares of Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after acquiring an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc lifted its holdings in shares of Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other 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.