Bank of Nova Scotia Decreases Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Posted by Defense World Staff on May 24th, 2023

Bank of Nova Scotia lowered its stake in Tapestry, Inc. (NYSE:TPR – Get Rating) by 4.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,244 shares of the luxury accessories retailer’s stock after selling 1,141 shares during the quarter. Bank of Nova Scotia’s holdings in Tapestry were worth $847,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in TPR. Brown Brothers Harriman & Co. boosted its stake in shares of Tapestry by 340.7% in the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock worth $25,000 after buying an additional 511 shares during the last quarter. Alpha Paradigm Partners LLC bought a new stake in shares of Tapestry during the 3rd quarter valued at about $26,000. Truvestments Capital LLC bought a new stake in shares of Tapestry during the 3rd quarter valued at about $28,000. Canada Pension Plan Investment Board increased its position in shares of Tapestry by 955.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock valued at $41,000 after purchasing an additional 994 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its stake in shares of Tapestry by 369.6% in the 3rd quarter. Global Retirement Partners LLC now owns 1,545 shares of the luxury accessories retailer’s stock worth $49,000 after purchasing an additional 1,216 shares during the period. Institutional investors own 92.84% of the company’s stock.

Tapestry Price Performance

NYSE:TPR opened at $41.94 on Wednesday. The business’s 50-day moving average is $41.10 and its 200 day moving average is $40.54. Tapestry, Inc. has a 12 month low of $27.53 and a 12 month high of $47.48. The company has a market capitalization of $9.72 billion, a P/E ratio of 11.40, a P/E/G ratio of 0.89 and a beta of 1.44. The company has a current ratio of 1.94, a quick ratio of 1.12 and a debt-to-equity ratio of 0.73.

Tapestry (NYSE:TPR – Get Rating) last issued its quarterly earnings data on Thursday, May 11th. The luxury accessories retailer reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.19. Tapestry had a return on equity of 39.88% and a net margin of 13.51%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the firm earned $0.51 EPS. On average, equities research analysts forecast that Tapestry, Inc. will post 3.88 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 26th. Shareholders of record on Friday, June 9th will be paid a $0.30 dividend. The ex-dividend date is Thursday, June 8th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.86%. Tapestry’s payout ratio is currently 32.61%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TPR. Credit Suisse Group upped their target price on shares of Tapestry from $45.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, February 10th. Raymond James lifted their target price on Tapestry from $44.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, February 1st. Morgan Stanley restated an “equal weight” rating and issued a $41.00 price target (up previously from $36.00) on shares of Tapestry in a research report on Friday, February 10th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $52.00 price objective on shares of Tapestry in a research report on Thursday, February 9th. Finally, StockNews.com initiated coverage on shares of Tapestry in a report on Thursday, May 18th. They issued a “buy” rating for the company. Three equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.29.

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.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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