Bokf Na trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR – Free Report) by 35.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,136 shares of the luxury accessories retailer’s stock after selling 613 shares during the period. Bokf Na’s holdings in Tapestry were worth $49,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. MetLife Investment Management LLC boosted its stake in Tapestry by 20.1% in the first quarter. MetLife Investment Management LLC now owns 73,011 shares of the luxury accessories retailer’s stock valued at $2,712,000 after acquiring an additional 12,222 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Tapestry by 2.3% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,323 shares of the luxury accessories retailer’s stock valued at $1,312,000 after purchasing an additional 788 shares during the last quarter. Great West Life Assurance Co. Can grew its holdings in Tapestry by 1.9% during the first quarter. Great West Life Assurance Co. Can now owns 56,357 shares of the luxury accessories retailer’s stock valued at $2,176,000 after purchasing an additional 1,045 shares during the period. Sei Investments Co. grew its holdings in Tapestry by 34.5% during the first quarter. Sei Investments Co. now owns 435,569 shares of the luxury accessories retailer’s stock valued at $16,189,000 after purchasing an additional 111,610 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in Tapestry by 955.8% in the first quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock worth $41,000 after buying an additional 994 shares during the last quarter. 92.12% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on TPR. StockNews.com began coverage on Tapestry in a report on Thursday, October 5th. They issued a “buy” rating for the company. Guggenheim reiterated a “buy” rating and issued a $60.00 target price on shares of Tapestry in a research note on Wednesday, August 23rd. Citigroup dropped their price target on shares of Tapestry from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Friday, August 18th. Barclays upgraded shares of Tapestry from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $47.00 to $59.00 in a research note on Tuesday, August 1st. Finally, Raymond James dropped their target price on Tapestry from $47.00 to $40.00 and set an “outperform” rating on the stock in a research report on Friday, November 10th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.18.
Tapestry Price Performance
TPR traded up $0.40 on Monday, reaching $30.79. The company had a trading volume of 1,314,298 shares, compared to its average volume of 3,493,069. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $47.48. The company has a market cap of $7.06 billion, a price-to-earnings ratio of 7.73, a P/E/G ratio of 0.65 and a beta of 1.48. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.23 and a current ratio of 2.02. The business has a 50 day simple moving average of $28.67 and a 200 day simple moving average of $36.13.
Tapestry (NYSE:TPR – Get Free Report) last posted its quarterly earnings data on Thursday, November 9th. The luxury accessories retailer reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.03. Tapestry had a net margin of 14.03% and a return on equity of 41.29%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the firm posted $0.79 EPS. The firm’s revenue was up .4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Tapestry, Inc. will post 4.14 EPS for the current year.
Tapestry Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 26th. Shareholders of record on Friday, December 8th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 4.55%. The ex-dividend date is Thursday, December 7th. Tapestry’s dividend payout ratio is currently 35.62%.
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.
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