Tapestry (NYSE:TPR) Sets New 1-Year High – Still a Buy?

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

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Bank of America boosted their price target on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Morgan Stanley reaffirmed an “equal weight” rating and set a $65.00 target price on shares of Tapestry in a research note on Tuesday. Wells Fargo & Company raised their price target on shares of Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Telsey Advisory Group upped their price objective on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Finally, Guggenheim increased their price objective on Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $64.78.

Tapestry Stock Up 1.9 %

The company has a market capitalization of $16.95 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 2.03 and a beta of 1.58. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The business has a 50-day simple moving average of $63.25 and a two-hundred day simple moving average of $50.21.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were paid a $0.35 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 1.92%. Tapestry’s dividend payout ratio is currently 40.46%.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the transaction, the vice president now owns 35,003 shares in the company, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

Institutional investors and hedge funds have recently made changes to their positions in the business. Redwood Investment Management LLC lifted its stake in Tapestry by 0.4% in the 3rd quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer’s stock valued at $2,269,000 after buying an additional 204 shares in the last quarter. Lebenthal Global Advisors LLC raised its stake in Tapestry by 2.8% in the 3rd quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock valued at $367,000 after purchasing an additional 215 shares during the last quarter. OneDigital Investment Advisors LLC lifted its holdings in Tapestry by 3.0% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock valued at $353,000 after purchasing an additional 218 shares in the last quarter. Summit Trail Advisors LLC grew its holdings in shares of Tapestry by 1.6% during the third quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock worth $765,000 after buying an additional 251 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Tapestry by 4.8% in the third quarter. GAMMA Investing LLC now owns 6,095 shares of the luxury accessories retailer’s stock valued at $286,000 after buying an additional 280 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other 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.