Tapestry (NYSE:TPR) Hits New 52-Week High – Time to Buy?

Tapestry, Inc. (NYSE:TPR) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $66.47 and last traded at $65.33, with a volume of 2601086 shares changing hands. The stock had previously closed at $65.82.

Analyst Ratings Changes

Several equities analysts have recently commented on TPR shares. JPMorgan Chase & Co. boosted their target price on shares of Tapestry from $66.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. The Goldman Sachs Group increased their price objective on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a report on Friday, November 15th. Guggenheim lifted their target price on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Daiwa America raised Tapestry to a “hold” rating in a research note on Monday, November 18th. Finally, Robert W. Baird lifted their price objective on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.24.

Tapestry Trading Down 0.7 %

The company’s 50 day simple moving average is $57.47 and its 200-day simple moving average is $47.43. The firm has a market cap of $15.22 billion, a P/E ratio of 18.88, a P/E/G ratio of 1.80 and a beta of 1.60. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Friday, December 6th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date was Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Insider Buying and Selling 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 sale, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. The trade was a 20.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.18% of the stock is currently owned by corporate insiders.

Institutional Trading of Tapestry

A number of large investors have recently modified their holdings of TPR. Pacer Advisors Inc. increased its holdings in Tapestry by 53.1% during the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after purchasing an additional 2,087,586 shares during the period. Erste Asset Management GmbH bought a new stake in shares of Tapestry in the third quarter valued at about $64,016,000. AQR Capital Management LLC lifted its stake in Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after acquiring an additional 1,051,743 shares during the period. Bank of Montreal Can grew its holdings in 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 worth $59,641,000 after acquiring an additional 539,793 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Tapestry by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after purchasing an additional 272,007 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

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.