Handelsbanken Fonder AB Buys 2,946 Shares of Tapestry, Inc. (NYSE:TPR)

Posted by Defense World Staff on May 5th, 2023

Handelsbanken Fonder AB raised its position in Tapestry, Inc. (NYSE:TPR – Get Rating) by 8.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,746 shares of the luxury accessories retailer’s stock after purchasing an additional 2,946 shares during the quarter. Handelsbanken Fonder AB’s holdings in Tapestry were worth $1,437,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ibex Wealth Advisors raised its position in Tapestry by 2.4% during the 4th quarter. Ibex Wealth Advisors now owns 13,709 shares of the luxury accessories retailer’s stock valued at $522,000 after purchasing an additional 315 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in Tapestry by 8.8% in the fourth quarter. Daiwa Securities Group Inc. now owns 3,947 shares of the luxury accessories retailer’s stock valued at $150,000 after purchasing an additional 318 shares during the last quarter. Commerce Bank grew its holdings in Tapestry by 4.0% during the third quarter. Commerce Bank now owns 8,750 shares of the luxury accessories retailer’s stock worth $249,000 after acquiring an additional 334 shares during the period. Baker Avenue Asset Management LP grew its stake in shares of Tapestry by 2.1% during the 3rd quarter. Baker Avenue Asset Management LP now owns 17,116 shares of the luxury accessories retailer’s stock worth $487,000 after purchasing an additional 358 shares during the period. Finally, Bay Harbor Wealth Management LLC increased its holdings in Tapestry by 20.7% in the third quarter. Bay Harbor Wealth Management LLC now owns 2,273 shares of the luxury accessories retailer’s stock valued at $65,000 after buying an additional 390 shares in the last quarter. 92.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on TPR. Telsey Advisory Group reissued an “outperform” rating and issued a $52.00 price target on shares of Tapestry in a report on Thursday, February 9th. The Goldman Sachs Group boosted their target price on shares of Tapestry from $44.00 to $50.00 and gave the company a “buy” rating in a report on Friday, February 10th. 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 research report on Friday, February 10th. Citigroup raised their price target on Tapestry from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, February 1st. Finally, OTR Global upgraded Tapestry from a “mixed” rating to a “positive” rating in a report on Wednesday, April 19th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.75.

Tapestry Price Performance

Shares of TPR opened at $38.07 on Friday. The firm has a market capitalization of $8.99 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 0.88 and a beta of 1.44. The firm’s fifty day simple moving average is $41.54 and its 200-day simple moving average is $39.53. Tapestry, Inc. has a twelve month low of $26.39 and a twelve month high of $47.48. The company has a current ratio of 1.87, a quick ratio of 1.14 and a debt-to-equity ratio of 0.71.

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

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 27th. Stockholders of record on Friday, March 10th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend was Thursday, March 9th. Tapestry’s payout ratio is 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.