Tapestry (NYSE:TPR) Hits New 52-Week High – Time to Buy?

Tapestry, Inc. (NYSE:TPR) shares reached a new 52-week high during trading on Friday . The company traded as high as $61.91 and last traded at $61.81, with a volume of 252362 shares trading hands. The stock had previously closed at $60.92.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on TPR shares. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a report on Tuesday, October 29th. BMO Capital Markets increased their price objective on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, November 18th. Wells Fargo & Company boosted their target price on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Raymond James reiterated an “outperform” rating and issued a $57.00 price objective (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Finally, Robert W. Baird increased their target price on shares of Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and a consensus target price of $57.78.

Tapestry Trading Up 1.5 %

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 stock has a market capitalization of $14.40 billion, a price-to-earnings ratio of 17.61, a price-to-earnings-growth ratio of 2.11 and a beta of 1.53. The business has a fifty day simple moving average of $49.09 and a 200 day simple moving average of $44.02.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.27%. Tapestry’s payout ratio is presently 40.46%.

Insider Activity

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

Hedge Funds Weigh In On Tapestry

Several hedge funds and other institutional investors have recently made changes to their positions in TPR. Franklin Resources Inc. increased its stake in Tapestry by 10.6% in the third quarter. Franklin Resources Inc. now owns 163,234 shares of the luxury accessories retailer’s stock valued at $7,442,000 after acquiring an additional 15,585 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Tapestry by 1.8% in the 3rd quarter. Tidal Investments LLC now owns 27,401 shares of the luxury accessories retailer’s stock valued at $1,287,000 after purchasing an additional 481 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Tapestry in the 3rd quarter valued at $333,000. Sanctuary Advisors LLC raised its holdings in shares of Tapestry by 59.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 40,839 shares of the luxury accessories retailer’s stock worth $1,919,000 after buying an additional 15,242 shares in the last quarter. Finally, TCW Group Inc. lifted its position in shares of Tapestry by 17.5% during the 3rd quarter. TCW Group Inc. now owns 554,104 shares of the luxury accessories retailer’s stock worth $26,032,000 after buying an additional 82,649 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.