Tapestry (NYSE:TPR) Hits New 52-Week High – Should You Buy?

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TPR. The Goldman Sachs Group increased their price objective on Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Robert W. Baird increased their price target on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Daiwa America raised Tapestry to a “hold” rating in a research report on Monday, November 18th. Bank of America raised their target price on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Wells Fargo & Company boosted their price target on shares of Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.24.

Tapestry Price Performance

The firm has a market capitalization of $15.76 billion, a PE ratio of 19.55, a P/E/G ratio of 1.80 and a beta of 1.58. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The company has a fifty day moving average price of $59.42 and a two-hundred day moving average price of $48.30.

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. This represents a $1.40 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the transaction, the vice president now owns 35,003 shares in the company, valued at $2,028,773.88. The trade was a 20.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Waldron Private Wealth LLC acquired a new stake in shares of Tapestry during the third quarter worth $25,000. Brooklyn Investment Group acquired a new stake in shares of Tapestry in the 3rd quarter worth $47,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Tapestry in the second quarter valued at about $68,000. Abich Financial Wealth Management LLC acquired a new position in shares of Tapestry during the second quarter worth about $69,000. Finally, Deseret Mutual Benefit Administrators raised its holdings in Tapestry by 68.2% during the third quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after purchasing an additional 605 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other 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.