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

Tapestry, Inc. (NYSE:TPR) declared a quarterly dividend on Thursday, November 7th,RTT News reports. Investors of record on Friday, December 6th will be given a dividend of 0.35 per share by the luxury accessories retailer on Monday, December 23rd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date is Friday, December 6th.

Tapestry has increased its dividend by an average of 56.8% annually over the last three years. Tapestry has a dividend payout ratio of 31.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Tapestry to earn $4.64 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 30.2%.

Tapestry Stock Up 3.6 %

NYSE:TPR opened at $51.55 on Friday. Tapestry has a 52 week low of $27.20 and a 52 week high of $52.50. The stock’s fifty day moving average is $45.05 and its two-hundred day moving average is $42.38. The stock has a market capitalization of $12.00 billion, a price-to-earnings ratio of 14.69, a price-to-earnings-growth ratio of 1.81 and a beta of 1.53. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 EPS. Research analysts anticipate that Tapestry will post 4.46 EPS for the current year.

Wall Street Analysts Forecast Growth

TPR has been the topic of a number of research reports. UBS Group reduced their target price on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. JPMorgan Chase & Co. lifted their target price on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a report on Friday, October 25th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Evercore ISI lifted their price objective on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Finally, Bank of America upped their target price on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and a consensus target price of $51.75.

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.