Raymond James & Associates lessened its stake in Tapestry Inc (NYSE:TPR) by 8.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,349 shares of the luxury accessories retailer’s stock after selling 12,150 shares during the period. Raymond James & Associates’ holdings in Tapestry were worth $6,416,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TPR. BlackRock Inc. boosted its stake in Tapestry by 15.5% in the second quarter. BlackRock Inc. now owns 20,772,651 shares of the luxury accessories retailer’s stock valued at $970,290,000 after acquiring an additional 2,780,915 shares in the last quarter. ANTIPODES PARTNERS Ltd acquired a new position in Tapestry in the second quarter valued at $123,352,000. FIL Ltd boosted its stake in Tapestry by 1,273.9% in the first quarter. FIL Ltd now owns 2,059,773 shares of the luxury accessories retailer’s stock valued at $108,365,000 after acquiring an additional 1,909,851 shares in the last quarter. Amundi Pioneer Asset Management Inc. boosted its stake in Tapestry by 163.2% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 2,477,088 shares of the luxury accessories retailer’s stock valued at $130,319,000 after acquiring an additional 1,535,800 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Tapestry by 598.6% in the second quarter. Janus Henderson Group PLC now owns 1,715,712 shares of the luxury accessories retailer’s stock valued at $80,141,000 after acquiring an additional 1,470,103 shares in the last quarter. Institutional investors own 90.52% of the company’s stock.
Shares of TPR opened at $49.69 on Thursday. Tapestry Inc has a fifty-two week low of $38.70 and a fifty-two week high of $55.50. The stock has a market cap of $14.21 billion, a PE ratio of 18.89, a price-to-earnings-growth ratio of 1.53 and a beta of 0.44. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 1.87.
Tapestry (NYSE:TPR) last announced its earnings results on Tuesday, August 14th. The luxury accessories retailer reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.47 billion. Tapestry had a net margin of 6.76% and a return on equity of 24.76%. The business’s quarterly revenue was up 30.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.50 earnings per share. sell-side analysts anticipate that Tapestry Inc will post 2.76 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 7th will be given a $0.3375 dividend. The ex-dividend date is Thursday, September 6th. This represents a $1.35 dividend on an annualized basis and a yield of 2.72%. Tapestry’s payout ratio is currently 51.33%.
Several equities analysts have issued reports on the stock. Barclays upped their price objective on shares of Tapestry from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, August 16th. Bank of America upped their price objective on shares of Tapestry from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, August 15th. Royal Bank of Canada set a $58.00 price objective on shares of Tapestry and gave the company a “buy” rating in a research note on Wednesday, August 15th. Piper Jaffray Companies restated a “buy” rating and issued a $59.00 price objective on shares of Tapestry in a research note on Thursday, August 16th. Finally, Loop Capital set a $59.00 price objective on shares of Tapestry and gave the company a “buy” rating in a research note on Tuesday, August 14th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eighteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $56.71.
In related news, Director Ivan Menezes sold 2,068 shares of the firm’s stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $50.70, for a total value of $104,847.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ian Bickley sold 48,071 shares of the firm’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $52.13, for a total transaction of $2,505,941.23. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,602 shares of company stock valued at $2,633,939. 0.98% of the stock is owned by insiders.
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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