Ensign Peak Advisors Inc Boosts Stake in Tapestry, Inc. (NYSE:TPR)

Posted by on Mar 10th, 2023

Ensign Peak Advisors Inc grew its position in shares of Tapestry, Inc. (NYSE:TPR – Get Rating) by 10.2% during the third quarter, according to its most recent filing with the SEC. The firm owned 81,424 shares of the luxury accessories retailer’s stock after acquiring an additional 7,506 shares during the period. Ensign Peak Advisors Inc’s holdings in Tapestry were worth $2,315,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Tapestry by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 32,654,335 shares of the luxury accessories retailer’s stock worth $1,213,109,000 after acquiring an additional 751,210 shares during the period. BlackRock Inc. grew its stake in shares of Tapestry by 0.5% in the 3rd quarter. BlackRock Inc. now owns 14,732,760 shares of the luxury accessories retailer’s stock worth $418,851,000 after buying an additional 80,203 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Tapestry by 4.1% in the 2nd quarter. Franklin Resources Inc. now owns 9,825,853 shares of the luxury accessories retailer’s stock worth $299,885,000 after buying an additional 390,491 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of Tapestry by 14.3% in the 3rd quarter. Lazard Asset Management LLC now owns 5,437,645 shares of the luxury accessories retailer’s stock worth $154,591,000 after buying an additional 678,867 shares during the last quarter. Finally, Samlyn Capital LLC grew its stake in shares of Tapestry by 15.7% in the 3rd quarter. Samlyn Capital LLC now owns 3,495,221 shares of the luxury accessories retailer’s stock worth $99,369,000 after buying an additional 475,274 shares during the last quarter. Hedge funds and other institutional investors own 92.84% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on TPR. Robert W. Baird upped their price target on Tapestry from $45.00 to $52.00 and gave the stock an “outperform” rating in a research note on Friday, February 10th. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, January 26th. Citigroup increased their target price on Tapestry from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, February 1st. Credit Suisse Group increased their target price on Tapestry from $45.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, February 10th. Finally, Sanford C. Bernstein downgraded Tapestry from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 5th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.18.

Tapestry Price Performance

Shares of Tapestry stock opened at $41.60 on Friday. Tapestry, Inc. has a one year low of $26.39 and a one year high of $47.48. The stock’s fifty day moving average is $43.29 and its 200 day moving average is $37.22. The stock has a market cap of $9.82 billion, a P/E ratio of 12.38, a P/E/G ratio of 0.92 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 announced its earnings results on Thursday, February 9th. The luxury accessories retailer reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.09. Tapestry had a return on equity of 36.58% and a net margin of 12.69%. The company had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.04 billion. During the same period last year, the firm earned $1.33 EPS. Tapestry’s revenue for the quarter was down 5.1% compared to the same quarter last year. Sell-side analysts anticipate that Tapestry, Inc. will post 3.72 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 27th. Investors of record on Friday, March 10th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Thursday, March 9th. This represents a $1.20 dividend on an annualized basis and a yield of 2.88%. Tapestry’s dividend payout ratio is currently 35.71%.

Tapestry 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.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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