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

Tapestry, Inc. (NYSE:TPR) declared a quarterly dividend on Thursday, May 9th, RTT News reports. Investors of record on Friday, June 7th will be given a dividend of 0.35 per share by the luxury accessories retailer on Monday, June 24th. This represents a $1.40 annualized dividend and a dividend yield of 3.47%.

Tapestry has increased its dividend by an average of 56.8% per year over the last three years and has increased its dividend every year for the last 2 years. Tapestry has a payout ratio of 30.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Tapestry to earn $4.55 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 30.8%.

Tapestry Stock Performance

NYSE TPR opened at $40.37 on Friday. The firm has a market cap of $9.26 billion, a price-to-earnings ratio of 10.19, a PEG ratio of 0.81 and a beta of 1.61. The company has a 50-day simple moving average of $43.64 and a two-hundred day simple moving average of $38.64. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90. Tapestry has a 12-month low of $25.99 and a 12-month high of $48.80.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.14. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the company earned $0.78 EPS. Tapestry’s revenue for the quarter was down 2.0% compared to the same quarter last year. On average, equities analysts forecast that Tapestry will post 4.23 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on TPR shares. OTR Global reiterated a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Jefferies Financial Group downgraded Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a report on Thursday, February 29th. Raymond James raised their target price on Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, January 30th. The Goldman Sachs Group upped their price target on Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, Telsey Advisory Group restated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a report on Thursday. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.82.

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.