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

Tapestry, Inc. (NYSE:TPR)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $68.42 and last traded at $67.63, with a volume of 5162420 shares changing hands. The stock had previously closed at $66.77.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Telsey Advisory Group upped their price target on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Wells Fargo & Company upped their price target on shares of Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, November 15th. JPMorgan Chase & Co. upped their price target on shares of Tapestry from $66.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Barclays upgraded shares of Tapestry from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $57.00 to $87.00 in a report on Wednesday. Finally, 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. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average target price of $63.00.

Tapestry Trading Up 1.9 %

The stock has a market cap of $15.99 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 1.80 and a beta of 1.58. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The business’s 50 day simple moving average is $60.19 and its 200 day simple moving average is $48.62.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend was Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Insider Activity

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 transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.18% of the company’s stock.

Hedge Funds Weigh In On Tapestry

A number of hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its position in Tapestry by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after acquiring an additional 272,007 shares during the period. Pacer Advisors Inc. increased its position in Tapestry by 1.0% during the third quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock worth $285,580,000 after acquiring an additional 58,135 shares during the period. Geode Capital Management LLC increased its holdings in Tapestry by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after buying an additional 80,681 shares during the period. Dimensional Fund Advisors LP increased its holdings in Tapestry by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock valued at $151,965,000 after buying an additional 165,406 shares during the period. Finally, Westfield Capital Management Co. LP increased its holdings in Tapestry by 14.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after buying an additional 219,544 shares during the period. 90.77% of the stock is owned by 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.