abrdn plc lifted its stake in shares of Tapestry, Inc. (NYSE:TPR – Get Rating) by 23.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 69,605 shares of the luxury accessories retailer’s stock after acquiring an additional 13,077 shares during the period. abrdn plc’s holdings in Tapestry were worth $2,651,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Brown Brothers Harriman & Co. lifted its position in shares of Tapestry by 340.7% during the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after acquiring an additional 511 shares during the period. Alpha Paradigm Partners LLC acquired a new position in shares of Tapestry during the 3rd quarter valued at $26,000. Truvestments Capital LLC acquired a new position in Tapestry during the third quarter worth $28,000. 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 buying an additional 994 shares during the last quarter. Finally, Global Retirement Partners LLC raised its holdings in Tapestry by 369.6% during the third quarter. Global Retirement Partners LLC now owns 1,545 shares of the luxury accessories retailer’s stock worth $49,000 after buying an additional 1,216 shares during the last quarter. Institutional investors and hedge funds own 92.84% of the company’s stock.
Analyst Ratings Changes
Several research analysts have weighed in on TPR shares. Credit Suisse Group upped their price objective on shares of Tapestry from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, February 10th. Raymond James upped their price objective on shares of Tapestry from $44.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, February 1st. UBS Group reduced their target price on shares of Tapestry from $44.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, March 29th. Barclays upped their target price on shares of Tapestry from $45.00 to $47.00 in a research note on Friday, May 12th. Finally, Sanford C. Bernstein upgraded shares of Tapestry from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $50.00 to $55.00 in a research note on Monday, May 15th. Three investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.29.
Tapestry Trading Down 0.6 %
Tapestry (NYSE:TPR – Get Rating) last announced its quarterly earnings results on Thursday, May 11th. The luxury accessories retailer reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.19. Tapestry had a net margin of 13.51% and a return on equity of 39.88%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the prior year, the firm posted $0.51 earnings per share. On average, equities analysts expect that Tapestry, Inc. will post 3.88 earnings per share for the current fiscal year.
Tapestry Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, June 26th. Investors of record on Friday, June 9th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend is Thursday, June 8th. Tapestry’s dividend payout ratio is currently 32.61%.
Tapestry Company Profile
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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