Tapestry (NYSE:TPR) Hits New 1-Year High Following Analyst Upgrade

Tapestry, Inc. (NYSE:TPR - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Monday after Argus raised their price target on the stock from $78.00 to $92.00. Argus currently has a buy rating on the stock. Tapestry traded as high as $100.37 and last traded at $99.78, with a volume of 685133 shares changing hands. The stock had previously closed at $98.43.

A number of other research firms have also recently weighed in on TPR. Morgan Stanley raised shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 target price on the stock in a research note on Thursday, May 8th. Citigroup boosted their price objective on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Redburn Atlantic upgraded Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 target price for the company in a research report on Tuesday, February 18th. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target on the stock in a report on Thursday, June 12th. Finally, Robert W. Baird raised their price objective on shares of Tapestry from $93.00 to $100.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $89.17.

Insider Transactions at Tapestry

In other news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction 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 owned 116,062 shares in the company, valued at $9,447,446.80. The trade was a 25.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the transaction, the vice president owned 40,922 shares in the company, valued at $3,350,693.36. The trade was a 3.31% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

Institutional Investors Weigh In On Tapestry

Large investors have recently bought and sold shares of the stock. Southpoint Capital Advisors LP acquired a new stake in shares of Tapestry in the 4th quarter valued at about $130,660,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Tapestry by 593.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock worth $143,198,000 after purchasing an additional 1,875,753 shares in the last quarter. Norges Bank acquired a new stake in Tapestry in the 4th quarter valued at $114,199,000. Point72 Asset Management L.P. bought a new stake in Tapestry during the 4th quarter valued at $101,433,000. Finally, Candlestick Capital Management LP acquired a new position in Tapestry during the fourth quarter worth $66,902,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Performance

The stock has a market cap of $21.17 billion, a price-to-earnings ratio of 26.83, a P/E/G ratio of 2.10 and a beta of 1.47. The company's fifty day simple moving average is $84.74 and its two-hundred day simple moving average is $76.87. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22.

Tapestry (NYSE:TPR - Get Free Report) last announced 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. The business had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The firm's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.81 EPS. On average, analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.37%. Tapestry's payout ratio is 36.84%.

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.