Tapestry (NYSE:TPR) Hits New 12-Month High - What's Next?

Tapestry, Inc. (NYSE:TPR - Get Free Report)'s share price hit a new 52-week high on Monday . The company traded as high as $106.24 and last traded at $105.63, with a volume of 1449755 shares. The stock had previously closed at $103.42.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price objective on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a report on Thursday, June 12th. Raymond James Financial reissued an "outperform" rating and issued a $85.00 target price (up from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $100.00 price objective (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Finally, TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a research report on Thursday, June 12th. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $89.17.

Tapestry Stock Up 2.9%

The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The stock has a 50 day simple moving average of $85.74 and a 200 day simple moving average of $77.55. The firm has a market capitalization of $22.09 billion, a PE ratio of 27.99, a PEG ratio of 2.14 and a beta of 1.47.

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 $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the company posted $0.81 earnings per share. The firm's revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date was Friday, June 6th. Tapestry's payout ratio is currently 36.84%.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the sale, the vice president directly owned 40,922 shares of the company's stock, valued at $3,350,693.36. This trade represents a 3.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the sale, the chief executive officer directly owned 116,062 shares of the company's stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TPR. Ameriprise Financial Inc. lifted its holdings in shares of Tapestry by 4.8% in the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock valued at $527,799,000 after buying an additional 370,784 shares during the period. Geode Capital Management LLC raised its holdings in Tapestry by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock worth $376,247,000 after purchasing an additional 176,717 shares during the period. Alliancebernstein L.P. raised its holdings in Tapestry by 15.2% in the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock worth $270,304,000 after purchasing an additional 546,497 shares during the period. Northern Trust Corp raised its holdings in Tapestry by 3.0% in the 4th quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock worth $183,909,000 after purchasing an additional 83,222 shares during the period. Finally, AQR Capital Management LLC increased its stake in Tapestry by 47.4% during the 1st quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer's stock worth $177,405,000 after buying an additional 838,057 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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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