Tapestry, Inc. (NYSE:TPR) Stake Lessened by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. trimmed its stake in shares of Tapestry, Inc. (NYSE:TPR) by 18.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,449 shares of the luxury accessories retailer’s stock after selling 3,852 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Tapestry were worth $1,140,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in TPR. Waldron Private Wealth LLC bought a new position in shares of Tapestry during the third quarter worth about $25,000. Venturi Wealth Management LLC raised its stake in Tapestry by 78.0% during the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after buying an additional 252 shares in the last quarter. Brooklyn Investment Group bought a new position in Tapestry during the 3rd quarter worth approximately $47,000. UMB Bank n.a. lifted its holdings in Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after buying an additional 496 shares during the last quarter. Finally, Deseret Mutual Benefit Administrators grew its position in shares of Tapestry by 68.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after acquiring an additional 605 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Performance

Shares of TPR opened at $86.65 on Friday. The firm has a market capitalization of $17.94 billion, a PE ratio of 25.12, a P/E/G ratio of 2.07 and a beta of 1.58. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The firm has a 50-day moving average price of $72.21 and a 200 day moving average price of $56.14. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period in the previous year, the firm earned $1.63 earnings per share. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.62%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Analyst Upgrades and Downgrades

TPR has been the topic of several research reports. Barclays upped their price target on Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. The Goldman Sachs Group raised their price target on shares of Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. TD Cowen downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a research report on Tuesday, October 29th. Raymond James reissued an “outperform” rating and issued a $88.00 target price (up previously from $79.00) on shares of Tapestry in a report on Friday, February 7th. Finally, Wells Fargo & Company upped their target price on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $78.53.

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.