Treasurer of the State of North Carolina Has $4.59 Million Position in Tapestry, Inc. (NYSE:TPR)

Posted by Defense World Staff on Aug 6th, 2023

Treasurer of the State of North Carolina lowered its position in Tapestry, Inc. (NYSE:TPR – Free Report) by 1.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 106,549 shares of the luxury accessories retailer’s stock after selling 2,000 shares during the period. Treasurer of the State of North Carolina’s holdings in Tapestry were worth $4,593,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. increased its holdings in Tapestry by 340.7% in the first 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 acquired a new position in Tapestry during the third quarter valued at approximately $26,000. Allworth Financial LP grew its holdings in Tapestry by 196.8% during the first quarter. Allworth Financial LP now owns 659 shares of the luxury accessories retailer’s stock valued at $28,000 after purchasing an additional 437 shares during the last quarter. GPS Wealth Strategies Group LLC acquired a new position in Tapestry during the first quarter valued at approximately $41,000. Finally, Canada Pension Plan Investment Board grew 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 valued at $41,000 after purchasing an additional 994 shares during the last quarter. Institutional investors and hedge funds own 92.63% of the company’s stock.

Tapestry Price Performance

Shares of TPR stock opened at $42.08 on Friday. The stock has a 50-day moving average price of $42.72 and a 200 day moving average price of $42.43. The company has a quick ratio of 1.12, a current ratio of 1.94 and a debt-to-equity ratio of 0.73. The firm has a market cap of $9.75 billion, a price-to-earnings ratio of 11.43, a PEG ratio of 0.83 and a beta of 1.46. Tapestry, Inc. has a 12 month low of $27.53 and a 12 month high of $47.48.

Tapestry (NYSE:TPR – Get Free Report) last issued its 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 return on equity of 39.88% and a net margin of 13.51%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter last year, the business earned $0.51 earnings per share. Research analysts expect that Tapestry, Inc. will post 3.88 EPS for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 26th. Shareholders of record on Friday, June 9th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend was Thursday, June 8th. Tapestry’s dividend payout ratio (DPR) is currently 32.61%.

Wall Street Analysts Forecast Growth

TPR has been the topic of several analyst reports. OTR Global downgraded Tapestry to a “positive” rating in a report on Wednesday, July 19th. Barclays raised Tapestry from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $47.00 to $59.00 in a research report on Tuesday, August 1st. StockNews.com began coverage on Tapestry in a research report on Thursday, May 18th. They issued a “buy” rating for the company. Sanford C. Bernstein raised Tapestry from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $50.00 to $55.00 in a research report on Monday, May 15th. Finally, Jefferies Financial Group reduced their price objective on Tapestry from $53.00 to $50.00 in a research report on Friday. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.00.

Tapestry Profile

(Free Report)

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.