State of Alaska Department of Revenue Cuts Holdings in Tapestry, Inc. (NYSE:TPR)

Posted by Defense World Staff on Oct 15th, 2023

State of Alaska Department of Revenue trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR – Free Report) by 11.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,726 shares of the luxury accessories retailer’s stock after selling 3,766 shares during the quarter. State of Alaska Department of Revenue’s holdings in Tapestry were worth $1,229,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Brown Brothers Harriman & Co. grew its stake in Tapestry by 340.7% in the first quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after purchasing an additional 511 shares during the last quarter. Alpha Paradigm Partners LLC purchased a new position in Tapestry in the third quarter valued at about $26,000. Allworth Financial LP grew its holdings in Tapestry by 196.8% in the first quarter. Allworth Financial LP now owns 659 shares of the luxury accessories retailer’s stock worth $28,000 after purchasing an additional 437 shares during the last quarter. ING Groep NV acquired a new position in shares of Tapestry during the first quarter worth $29,000. Finally, Newbridge Financial Services Group Inc. lifted its holdings in shares of Tapestry by 67.4% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 725 shares of the luxury accessories retailer’s stock valued at $31,000 after purchasing an additional 292 shares during the last quarter. 92.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TPR has been the topic of several recent analyst reports. Redburn Atlantic lowered Tapestry from an “overweight” rating to a “neutral” rating and set a $33.00 target price on the stock. in a research report on Wednesday, September 13th. Robert W. Baird cut their price objective on shares of Tapestry from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, August 18th. Citigroup lowered their target price on shares of Tapestry from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Friday, August 18th. StockNews.com began coverage on shares of Tapestry in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Finally, OTR Global downgraded shares of Tapestry to a “positive” rating in a research report on Wednesday, July 19th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus price target of $48.40.

Read Our Latest Analysis on TPR

Tapestry Stock Up 0.7 %

TPR stock opened at $27.59 on Friday. The firm’s fifty day simple moving average is $31.82 and its 200-day simple moving average is $38.46. The company has a market capitalization of $6.28 billion, a P/E ratio of 7.11, a price-to-earnings-growth ratio of 0.59 and a beta of 1.50. 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 12 month low of $27.07 and a 12 month high of $47.48.

Tapestry (NYSE:TPR – Get Free Report) last posted its earnings results on Thursday, August 17th. The luxury accessories retailer reported $0.95 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.02). The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.65 billion. Tapestry had a return on equity of 41.10% and a net margin of 14.05%. The firm’s revenue was down .3% on a year-over-year basis. During the same period last year, the business earned $0.78 earnings per share. As a group, equities research analysts forecast that Tapestry, Inc. will post 4.13 earnings per share for the current year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 25th. Investors of record on Friday, September 8th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 5.07%. The ex-dividend date of this dividend was Thursday, September 7th. This is a positive change from Tapestry’s previous quarterly dividend of $0.30. Tapestry’s dividend payout ratio (DPR) is currently 36.08%.

About Tapestry

(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.