Tapestry, Inc. (NYSE:TPR) Shares Sold by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust reduced its stake in shares of Tapestry, Inc. (NYSE:TPR) by 14.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,574 shares of the luxury accessories retailer’s stock after selling 269 shares during the period. Parkside Financial Bank & Trust’s holdings in Tapestry were worth $58,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. New York State Common Retirement Fund lifted its holdings in Tapestry by 81.7% in the fourth quarter. New York State Common Retirement Fund now owns 761,859 shares of the luxury accessories retailer’s stock valued at $28,044,000 after acquiring an additional 342,621 shares during the last quarter. Ninety One UK Ltd lifted its holdings in Tapestry by 12.7% in the fourth quarter. Ninety One UK Ltd now owns 5,321,308 shares of the luxury accessories retailer’s stock valued at $195,877,000 after acquiring an additional 597,715 shares during the last quarter. Federated Hermes Inc. lifted its holdings in Tapestry by 23.1% in the fourth quarter. Federated Hermes Inc. now owns 2,648 shares of the luxury accessories retailer’s stock valued at $97,000 after acquiring an additional 497 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in Tapestry by 12.2% in the fourth quarter. Daiwa Securities Group Inc. now owns 6,141 shares of the luxury accessories retailer’s stock valued at $226,000 after acquiring an additional 670 shares during the last quarter. Finally, Rakuten Securities Inc. acquired a new position in Tapestry in the fourth quarter valued at approximately $197,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Wells Fargo & Company upped their price objective on Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research note on Wednesday, March 27th. OTR Global restated a “mixed” rating on shares of Tapestry in a research note on Wednesday, April 17th. Finally, Raymond James upped their price target on Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.81.

Tapestry Stock Performance

NYSE:TPR opened at $40.05 on Friday. The firm has a market capitalization of $9.19 billion, a PE ratio of 10.11, a price-to-earnings-growth ratio of 0.82 and a beta of 1.57. The business’s fifty day moving average price is $45.04 and its 200 day moving average price is $37.92. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 EPS for the quarter, beating the consensus estimate of $1.46 by $0.17. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. Tapestry’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.36 earnings per share. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.23 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s dividend payout ratio (DPR) is presently 35.35%.

Tapestry Company 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.