Tapestry (NYSE:TPR) Sets New 12-Month High - Here's What Happened

Tapestry, Inc. (NYSE:TPR - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $91.92 and last traded at $91.82, with a volume of 905712 shares. The stock had previously closed at $90.20.

Analyst Ratings Changes

Several research firms have recently weighed in on TPR. The Goldman Sachs Group upped their price objective on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Argus increased their price target on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target on the stock in a research report on Thursday, May 8th. UBS Group increased their price target on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Finally, Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a research report on Thursday, June 12th. Three equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $88.78.

Tapestry Price Performance

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 company has a market cap of $19.16 billion, a P/E ratio of 24.28, a PEG ratio of 1.91 and a beta of 1.47. The business's fifty day moving average is $81.53 and its 200 day moving average is $75.54.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The business had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter in the previous year, the firm posted $0.81 EPS. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.52%. Tapestry's payout ratio is 36.84%.

Insiders Place Their Bets

In related news, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the sale, the vice president owned 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction 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. This represents a 25.63% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TPR. Southpoint Capital Advisors LP bought a new stake in shares of Tapestry during the 4th quarter valued at $130,660,000. Price T Rowe Associates Inc. MD raised its position in shares of Tapestry by 593.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock valued at $143,198,000 after purchasing an additional 1,875,753 shares during the period. Norges Bank bought a new stake in shares of Tapestry during the 4th quarter valued at $114,199,000. Point72 Asset Management L.P. bought a new stake in shares of Tapestry during the 4th quarter valued at $101,433,000. Finally, Candlestick Capital Management LP bought a new stake in shares of Tapestry during the 4th quarter valued at $66,902,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

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.