Penserra Capital Management LLC bought a new stake in Tapestry, Inc. (NYSE:TPR – Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 63,378 shares of the luxury accessories retailer’s stock, valued at approximately $2,732,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of TPR. Brown Brothers Harriman & Co. raised its holdings 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 worth $25,000 after acquiring an additional 511 shares during the period. Alpha Paradigm Partners LLC purchased a new stake in shares of Tapestry in the 3rd quarter valued at approximately $26,000. Truvestments Capital LLC acquired a new stake in shares of Tapestry during the 3rd quarter worth approximately $28,000. Allworth Financial LP raised its position in shares of Tapestry by 196.8% during the 1st quarter. Allworth Financial LP now owns 659 shares of the luxury accessories retailer’s stock valued at $28,000 after buying an additional 437 shares during the period. Finally, GPS Wealth Strategies Group LLC acquired a new position in Tapestry in the first quarter valued at approximately $41,000. 92.63% of the stock is owned by hedge funds and other institutional investors.
Tapestry Price Performance
Tapestry stock opened at $42.59 on Friday. The stock has a market cap of $9.87 billion, a P/E ratio of 11.57, a price-to-earnings-growth ratio of 0.82 and a beta of 1.46. The company has a fifty day simple moving average of $41.87 and a 200-day simple moving average of $42.01. 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, Inc. has a 12-month low of $27.53 and a 12-month high of $47.48.
Tapestry Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, June 26th. Investors of record on Friday, June 9th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend was Thursday, June 8th. Tapestry’s dividend payout ratio (DPR) is 32.61%.
Wall Street Analysts Forecast Growth
TPR has been the subject of a number of research analyst reports. Sanford C. Bernstein upgraded Tapestry from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $50.00 to $55.00 in a report on Monday, May 15th. UBS Group dropped their price target on shares of Tapestry from $44.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, March 29th. StockNews.com began coverage on shares of Tapestry in a report on Thursday, May 18th. They issued a “buy” rating on the stock. OTR Global raised Tapestry from a “mixed” rating to a “positive” rating in a research report on Wednesday, April 19th. Finally, Barclays raised their price target on Tapestry from $45.00 to $47.00 in a research report on Friday, May 12th. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $49.07.
About Tapestry
Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
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