Parametric Portfolio Associates LLC trimmed its position in shares of Tapestry Inc (NYSE:TPR) by 19.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 734,117 shares of the luxury accessories retailer’s stock after selling 181,908 shares during the quarter. Parametric Portfolio Associates LLC’s holdings in Tapestry were worth $23,294,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. FMR LLC boosted its stake in shares of Tapestry by 100.4% during the first quarter. FMR LLC now owns 13,959,794 shares of the luxury accessories retailer’s stock valued at $453,553,000 after purchasing an additional 6,994,567 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Tapestry by 4.7% during the first quarter. American Century Companies Inc. now owns 6,216,778 shares of the luxury accessories retailer’s stock valued at $201,983,000 after purchasing an additional 280,937 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Tapestry by 28.5% during the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,326,188 shares of the luxury accessories retailer’s stock valued at $169,000,000 after purchasing an additional 1,182,774 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of Tapestry by 347.2% during the second quarter. Prudential Financial Inc. now owns 4,946,057 shares of the luxury accessories retailer’s stock valued at $156,938,000 after purchasing an additional 3,840,023 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Tapestry by 19.7% during the fourth quarter. Geode Capital Management LLC now owns 4,398,352 shares of the luxury accessories retailer’s stock valued at $148,221,000 after purchasing an additional 725,349 shares in the last quarter. 88.52% of the stock is currently owned by hedge funds and other institutional investors.
TPR has been the topic of a number of recent research reports. UBS Group set a $25.00 price target on Tapestry and gave the company a “buy” rating in a research note on Friday, August 16th. Piper Jaffray Companies lowered Tapestry from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $40.00 to $23.00 in a research note on Friday, August 16th. KeyCorp cut their price objective on Tapestry from $42.00 to $30.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Wells Fargo & Co lifted their price objective on Tapestry from $26.00 to $30.00 and gave the stock an “outperform” rating in a research note on Friday, September 13th. Finally, CIBC reaffirmed a “market perform” rating on shares of Tapestry in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $35.25.
TPR stock traded up $0.06 during mid-day trading on Thursday, reaching $25.24. The company’s stock had a trading volume of 2,101,136 shares, compared to its average volume of 6,550,193. The company has a market cap of $7.22 billion, a price-to-earnings ratio of 9.82, a price-to-earnings-growth ratio of 1.02 and a beta of 0.98. The business’s 50 day moving average price is $24.08 and its 200 day moving average price is $29.58. The company has a current ratio of 2.79, a quick ratio of 1.94 and a debt-to-equity ratio of 0.46. Tapestry Inc has a 12 month low of $18.54 and a 12 month high of $51.29.
Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.61. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a return on equity of 21.64% and a net margin of 10.68%. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share. As a group, equities analysts expect that Tapestry Inc will post 2.57 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be issued a $0.338 dividend. This is an increase from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date is Thursday, September 5th. Tapestry’s payout ratio is presently 52.53%.
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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