Macquarie Group Ltd. Sells 3,548 Shares of Tapestry, Inc. (NYSE:TPR)

Posted by Defense World Staff on Mar 7th, 2023

Macquarie Group Ltd. lowered its position in shares of Tapestry, Inc. (NYSE:TPR – Get Rating) by 1.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 342,944 shares of the luxury accessories retailer’s stock after selling 3,548 shares during the quarter. Macquarie Group Ltd. owned approximately 0.14% of Tapestry worth $9,851,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. MetLife Investment Management LLC grew 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 period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Tapestry by 2.3% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,323 shares of the luxury accessories retailer’s stock worth $1,312,000 after buying an additional 788 shares during the period. Great West Life Assurance Co. Can boosted its position in shares of 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 worth $2,176,000 after buying an additional 1,045 shares during the period. Sei Investments Co. boosted its position in shares of Tapestry by 34.5% during the first quarter. Sei Investments Co. now owns 435,569 shares of the luxury accessories retailer’s stock worth $16,189,000 after buying an additional 111,610 shares during the period. Finally, Canada Pension Plan Investment Board raised its holdings in Tapestry by 955.8% during the first quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock worth $41,000 after acquiring an additional 994 shares in the last quarter. Institutional investors own 92.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TPR. Sanford C. Bernstein lowered Tapestry from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 5th. Raymond James increased their price target on Tapestry from $44.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 1st. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $52.00 target price on shares of Tapestry in a report on Thursday, February 9th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $41.00 target price (up previously from $36.00) on shares of Tapestry in a report on Friday, February 10th. Finally, Barclays downgraded Tapestry from an “overweight” rating to an “equal weight” rating and set a $43.00 price objective on the stock. in a report on Monday, January 23rd. Four 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, Tapestry has a consensus rating of “Moderate Buy” and an average price target of $48.18.

Tapestry Price Performance

TPR stock opened at $43.54 on Tuesday. Tapestry, Inc. has a 52-week low of $26.39 and a 52-week high of $47.48. The business has a 50-day simple moving average of $42.99 and a two-hundred day simple moving average of $37.10. The company has a market capitalization of $10.28 billion, a P/E ratio of 12.96, a price-to-earnings-growth ratio of 0.96 and a beta of 1.43. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.14 and a current ratio of 1.87.

Tapestry (NYSE:TPR – Get Rating) last released its quarterly earnings results on Thursday, February 9th. The luxury accessories retailer reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.09. Tapestry had a net margin of 12.69% and a return on equity of 36.58%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.04 billion. During the same quarter in the prior year, the firm posted $1.33 earnings per share. The business’s quarterly revenue was down 5.1% on a year-over-year basis. Research analysts expect that Tapestry, Inc. will post 3.72 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 27th. Stockholders of record on Friday, March 10th will be given a $0.30 dividend. The ex-dividend date is Thursday, March 9th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.76%. Tapestry’s dividend payout ratio is currently 35.71%.

Tapestry Company Profile

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Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade and Stuart Weitzman. The Coach segment consists of global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.