Tapestry (NYSE:TPR) Sets New 1-Year High – What’s Next?

Tapestry, Inc. (NYSE:TPR)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $72.18 and last traded at $72.21, with a volume of 14402 shares. The stock had previously closed at $71.39.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on TPR shares. Morgan Stanley reiterated an “equal weight” rating and set a $65.00 price objective on shares of Tapestry in a research note on Tuesday. JPMorgan Chase & Co. increased their price objective on Tapestry from $66.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Citigroup increased their price objective on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. UBS Group increased their price objective on Tapestry from $57.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Finally, Jefferies Financial Group upgraded Tapestry from a “hold” rating to a “buy” rating and raised their target price for the company from $50.00 to $80.00 in a research note on Thursday, December 19th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $64.78.

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 market cap of $17.08 billion, a P/E ratio of 21.19, a PEG ratio of 2.03 and a beta of 1.58. The stock has a fifty day simple moving average of $64.16 and a 200-day simple moving average of $50.61.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date was Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is currently 40.46%.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction dated Friday, November 15th. The stock was 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its position in shares of 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 acquiring an additional 272,007 shares during the period. Pacer Advisors Inc. lifted its position in shares of Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after acquiring an additional 58,135 shares during the period. Geode Capital Management LLC lifted its position in shares of Tapestry by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after acquiring an additional 80,681 shares during the period. Westfield Capital Management Co. LP lifted its position in shares of Tapestry by 14.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after acquiring an additional 219,544 shares during the period. Finally, AQR Capital Management LLC lifted its position in shares of Tapestry by 235.9% during 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 acquiring an additional 1,051,743 shares during the period. 90.77% of the stock is currently owned by 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.