Ameriprise Financial Inc. Sells 323,735 Shares of Tapestry, Inc. (NYSE:TPR)

Posted by Defense World Staff on Sep 16th, 2023

Ameriprise Financial Inc. cut its holdings in Tapestry, Inc. (NYSE:TPR – Free Report) by 5.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,146,830 shares of the luxury accessories retailer’s stock after selling 323,735 shares during the period. Ameriprise Financial Inc. owned approximately 2.22% of Tapestry worth $221,880,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. bought a new position in shares of Tapestry during the first quarter valued at about $219,000. Thrivent Financial for Lutherans raised its stake in shares of Tapestry by 24.8% during the first quarter. Thrivent Financial for Lutherans now owns 361,463 shares of the luxury accessories retailer’s stock valued at $15,582,000 after acquiring an additional 71,859 shares during the last quarter. Hudson Bay Capital Management LP bought a new position in shares of Tapestry during the first quarter valued at about $8,684,000. Hancock Whitney Corp bought a new position in shares of Tapestry during the first quarter valued at about $902,000. Finally, First Trust Advisors LP raised its stake in shares of Tapestry by 16.3% during the first quarter. First Trust Advisors LP now owns 516,127 shares of the luxury accessories retailer’s stock valued at $22,250,000 after acquiring an additional 72,205 shares during the last quarter. 92.12% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TPR has been the subject of several recent analyst reports. Robert W. Baird lowered their price objective on shares of Tapestry from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, August 18th. Edward Jones downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $49.00 price objective on shares of Tapestry in a research note on Thursday, August 17th. Wells Fargo & Company reduced their price target on shares of Tapestry from $55.00 to $40.00 and set an “overweight” rating on the stock in a research report on Monday, September 11th. Finally, Redburn Atlantic cut shares of Tapestry from an “overweight” rating to a “neutral” rating and set a $33.00 price target on the stock. in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.40.

View Our Latest Research Report on Tapestry

Tapestry Price Performance

Shares of TPR opened at $31.00 on Friday. The stock has a market cap of $7.05 billion, a PE ratio of 7.99, a price-to-earnings-growth ratio of 0.64 and a beta of 1.48. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.12 and a current ratio of 1.84. Tapestry, Inc. has a fifty-two week low of $27.53 and a fifty-two week high of $47.48. The firm’s 50-day simple moving average is $37.57 and its two-hundred day simple moving average is $40.32.

Tapestry (NYSE:TPR – Get Free Report) last announced its quarterly earnings data on Thursday, August 17th. The luxury accessories retailer reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.02). The business had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Tapestry had a return on equity of 41.10% and a net margin of 14.05%. Tapestry’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter last year, the company posted $0.78 EPS. Analysts anticipate that Tapestry, Inc. will post 4.13 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Friday, September 8th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 4.52%. The ex-dividend date of this dividend is Thursday, September 7th. This is an increase from Tapestry’s previous quarterly dividend of $0.30. Tapestry’s dividend payout ratio is currently 36.08%.

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 handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.