Tapestry, Inc. (NYSE:TPR) to Issue Quarterly Dividend of $0.46

Tapestry, Inc. (NYSE:TPR) declared a quarterly dividend on Thursday, November 5th. Investors of record on Friday, December 4th will be given a dividend of $0.4625 per share by the luxury accessories retailer on Monday, December 21st. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, December 4th.

Tapestry has a payout ratio of 34.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Tapestry to earn $8.84 per share next year, which means the company should continue to be able to cover its $1.85 annual dividend with an expected future payout ratio of 20.9%.

Tapestry Stock Up 7.2%

Shares of Tapestry stock opened at $134.29 on Friday. The business’s 50 day simple moving average is $117.21 and its 200 day simple moving average is $136.93. Tapestry has a 52-week low of $93.00 and a 52-week high of $164.80. The firm has a market cap of $26.78 billion, a PE ratio of 18.42, a P/E/G ratio of 1.58 and a beta of 1.44. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.26. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the prior year, the firm posted $1.38 EPS. The business’s revenue was up 11.1% on a year-over-year basis. On average, analysts predict that Tapestry will post 7.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tapestry news, insider Denise Kulikowsky sold 5,810 shares of the stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total value of $670,357.80. Following the completion of the sale, the insider owned 21,136 shares in the company, valued at $2,438,671.68. This trade represents a 21.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of Tapestry stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the transaction, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tapestry

Institutional investors and hedge funds have recently modified their holdings of the company. Eurizon Capital SGR S.p.A. raised its stake in Tapestry by 156.1% in the third quarter. Eurizon Capital SGR S.p.A. now owns 102,111 shares of the luxury accessories retailer’s stock valued at $11,745,000 after buying an additional 62,247 shares during the period. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new position in shares of Tapestry during the 3rd quarter worth approximately $44,000. Maryland State Retirement & Pension System increased its holdings in shares of Tapestry by 15.5% during the 3rd quarter. Maryland State Retirement & Pension System now owns 12,558 shares of the luxury accessories retailer’s stock worth $1,445,000 after acquiring an additional 1,684 shares during the last quarter. Gen Wealth Partners Inc increased its holdings in shares of Tapestry by 40,100.0% during the 3rd quarter. Gen Wealth Partners Inc now owns 8,040 shares of the luxury accessories retailer’s stock worth $925,000 after acquiring an additional 8,020 shares during the last quarter. Finally, Kestra Investment Management LLC raised its stake in Tapestry by 7.2% in the 3rd quarter. Kestra Investment Management LLC now owns 15,746 shares of the luxury accessories retailer’s stock valued at $1,812,000 after acquiring an additional 1,059 shares during the period. 90.77% of the stock is owned by institutional investors.

Tapestry Company Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company’s portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women’s footwear.

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.