Tapestry, Inc. (NYSE:TPR) to Issue Quarterly Dividend of $0.35

Tapestry, Inc. (NYSE:TPR) announced a quarterly dividend on Friday, February 7th,Wall Street Journal reports. Investors of record on Thursday, March 6th will be paid a dividend of 0.35 per share by the luxury accessories retailer on Monday, March 24th. This represents a $1.40 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Thursday, March 6th.

Tapestry has raised its dividend payment by an average of 41.0% per year over the last three years. Tapestry has a dividend payout ratio of 27.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Tapestry to earn $5.04 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 27.8%.

Tapestry Stock Performance

TPR opened at $80.28 on Friday. The firm’s fifty day simple moving average is $68.08 and its two-hundred day simple moving average is $53.27. Tapestry has a 52-week low of $35.23 and a 52-week high of $87.87. The company has a market cap of $18.71 billion, a price-to-earnings ratio of 23.27, a PEG ratio of 2.30 and a beta of 1.58. The company has a quick ratio of 4.38, a current ratio of 1.58 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period last year, the firm posted $1.63 EPS. Equities analysts anticipate that Tapestry will post 4.7 earnings per share for the current fiscal year.

Analyst Ratings Changes

TPR has been the subject of several research reports. Guggenheim boosted their price target on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday. Barclays upped their target price on shares of Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday. StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Friday. Wells Fargo & Company upped their price objective on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, UBS Group increased their price target on Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Friday. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $73.17.

Insider Activity

In other news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was 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 of the company’s stock, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.18% 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.