FDx Advisors Inc. trimmed its holdings in Tapestry, Inc. (NYSE:TPR – Free Report) by 64.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,495 shares of the luxury accessories retailer’s stock after selling 11,665 shares during the quarter. FDx Advisors Inc.’s holdings in Tapestry were worth $278,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of TPR. Brown Brothers Harriman & Co. lifted its stake in 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 purchasing an additional 511 shares in the last quarter. Alpha Paradigm Partners LLC purchased a new stake in shares of Tapestry during the 3rd quarter valued at approximately $26,000. 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. ING Groep NV purchased a new stake in shares of Tapestry during the 1st quarter valued at approximately $29,000. Finally, GPS Wealth Strategies Group LLC purchased a new stake in shares of Tapestry during the 1st quarter valued at approximately $41,000. 92.12% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have recently commented on TPR. OTR Global lowered shares of Tapestry to a “positive” rating in a research report on Wednesday, July 19th. The Goldman Sachs Group reduced their price target on shares of Tapestry from $49.00 to $46.00 and set a “buy” rating on the stock in a research report on Thursday, August 17th. Raymond James reduced their price target on shares of Tapestry from $50.00 to $47.00 and set an “outperform” rating on the stock in a research report on Friday, August 18th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $49.00 price target on shares of Tapestry in a research report on Thursday, August 17th. Finally, Guggenheim reissued a “buy” rating and issued a $60.00 target price on shares of Tapestry in a research report on Wednesday, August 23rd. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.40.
Tapestry Stock Performance
NYSE TPR opened at $28.75 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.84 and a quick ratio of 1.12. Tapestry, Inc. has a 1 year low of $27.53 and a 1 year high of $47.48. The company has a market capitalization of $6.54 billion, a PE ratio of 7.41, a P/E/G ratio of 0.59 and a beta of 1.48. The company has a fifty day moving average of $34.73 and a two-hundred day moving average of $39.34.
Tapestry (NYSE:TPR – Get Free Report) last released its quarterly earnings data on Thursday, August 17th. The luxury accessories retailer reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.02). Tapestry had a net margin of 14.05% and a return on equity of 41.10%. The company had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the prior year, the company earned $0.78 EPS. The business’s revenue was down .3% on a year-over-year basis. As a group, analysts expect that Tapestry, Inc. will post 4.13 earnings per share for the current year.
Tapestry Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, September 25th. Stockholders of record on Friday, September 8th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.87%. This is a boost from Tapestry’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, September 7th. Tapestry’s dividend payout ratio is presently 36.08%.
Tapestry Profile
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.
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