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

Tapestry, Inc. (NYSE:TPR) announced a quarterly dividend on Friday, February 7th, Wall Street Journal reports. Shareholders 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 dividend yield of 1.67%. The ex-dividend date of this dividend is Thursday, March 6th.

Tapestry has increased its dividend payment by an average of 41.0% annually over the last three years. Tapestry has a payout ratio of 25.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Tapestry to earn $5.30 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 26.4%.

Tapestry Stock Performance

Shares of Tapestry stock opened at $84.04 on Tuesday. Tapestry has a 52 week low of $35.23 and a 52 week high of $90.85. The stock has a market capitalization of $17.40 billion, a price-to-earnings ratio of 24.36, a PEG ratio of 2.01 and a beta of 1.58. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The firm has a fifty day moving average of $75.17 and a two-hundred day moving average of $58.72.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business posted $1.63 earnings per share. As a group, equities research analysts predict that Tapestry will post 4.91 EPS for the current year.

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of research reports. Robert W. Baird increased their target price on Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Wells Fargo & Company raised their target price 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. BMO Capital Markets raised their target price on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, November 18th. UBS Group raised their price objective on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Finally, Evercore ISI lifted their price target on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $78.53.

Insiders Place Their Bets

In other news, CEO Todd Kahn sold 7,786 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the transaction, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at $17,652,100.29. This represents a 3.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the sale, the chief financial officer now owns 146,587 shares in the company, valued at $12,688,570.72. The trade was a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,537 shares of company stock valued at $5,730,589. Corporate insiders own 1.18% of the company’s stock.

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.