Tapestry, Inc. (TPR) to Issue Quarterly Dividend of $0.35 on December 23rd

Tapestry, Inc. (NYSE:TPR) declared a quarterly dividend on Thursday, November 7th,RTT News reports. Stockholders of record on Friday, December 6th will be given a dividend of 0.35 per share by the luxury accessories retailer on Monday, December 23rd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, December 6th.

Tapestry has raised its dividend by an average of 56.8% per year over the last three years. Tapestry has a dividend payout ratio of 30.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Tapestry to earn $4.81 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 29.1%.

Tapestry Price Performance

NYSE TPR opened at $64.31 on Wednesday. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. Tapestry has a 12 month low of $32.20 and a 12 month high of $65.30. The stock has a market cap of $14.99 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 2.24 and a beta of 1.60. The company’s 50 day moving average is $50.63 and its two-hundred day moving average is $44.62.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction 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 transaction, the vice president now owns 35,003 shares in the company, valued at $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.18% of the company’s stock.

Analysts Set New Price Targets

TPR has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their target price on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, November 15th. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Robert W. Baird increased their target price on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. TD Cowen cut Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a report on Tuesday, October 29th. Finally, Guggenheim increased their price objective on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, November 15th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus price target of $57.78.

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.