Tapestry, Inc. (NYSE:TPR) Plans $0.35 Quarterly Dividend

Tapestry, Inc. (NYSE:TPR - Get Free Report) announced a quarterly dividend on Thursday, May 8th, RTT News reports. Stockholders of record on Friday, June 6th will be paid a dividend of 0.35 per share by the luxury accessories retailer on Monday, June 23rd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.87%.

Tapestry has increased its dividend payment by an average of 41.0% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Tapestry has a dividend payout ratio of 26.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Tapestry to earn $5.30 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 26.4%.

Tapestry Stock Up 1.9 %

TPR opened at $74.71 on Thursday. The company has a market cap of $15.47 billion, a P/E ratio of 21.66, a P/E/G ratio of 2.01 and a beta of 1.41. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The business's 50-day moving average price is $69.94 and its 200-day moving average price is $67.32. Tapestry has a 12 month low of $35.23 and a 12 month high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.15. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. On average, equities analysts expect that Tapestry will post 4.91 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TPR shares. Telsey Advisory Group reiterated an "outperform" rating and set a $92.00 target price on shares of Tapestry in a research note on Thursday, May 1st. Redburn Atlantic upgraded Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 target price on the stock in a research report on Tuesday, February 18th. Raymond James reissued an "outperform" rating and issued a $88.00 price objective (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Jefferies Financial Group upped their price objective on Tapestry from $80.00 to $83.00 and gave the stock a "buy" rating in a research note on Tuesday, January 28th. Finally, JPMorgan Chase & Co. lifted their target price on Tapestry from $88.00 to $104.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and a consensus price target of $78.47.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 7,786 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the sale, the chief executive officer now owns 201,531 shares in the company, valued at approximately $17,652,100.29. This represents a 3.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the transaction, the general counsel now owns 38,609 shares in the company, valued at approximately $3,397,592. The trade was a 23.59 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is owned by company insiders.

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.

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