Tapestry, Inc. (NYSE:TPR) Declares $0.35 Quarterly Dividend

Tapestry, Inc. (NYSE:TPR) declared a quarterly dividend on Thursday, November 7th,RTT News reports. Investors of record on Friday, December 6th will be given a dividend of 0.35 per share by the luxury accessories retailer on Monday, December 23rd. This represents a $1.40 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Friday, December 6th.

Tapestry has raised its dividend payment by an average of 56.8% per year over the last three years. Tapestry has a dividend payout ratio of 30.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Tapestry to earn $4.81 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 29.1%.

Tapestry Stock Performance

TPR stock opened at $64.31 on Wednesday. The firm has a market cap of $14.99 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 2.24 and a beta of 1.60. Tapestry has a twelve month low of $32.20 and a twelve month high of $65.30. 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 fifty day simple moving average is $50.63 and its two-hundred day simple moving average is $44.62.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction that occurred on 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 sale, the vice president now directly owns 35,003 shares in the company, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.18% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on TPR shares. Evercore ISI lifted their price objective on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Citigroup lifted their price target on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Wells Fargo & Company boosted their price target on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, November 15th. BMO Capital Markets raised 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. Finally, Barclays reiterated an “equal weight” rating and issued a $57.00 target price on shares of Tapestry in a report on Wednesday, November 20th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.78.

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.