Oppenheimer Asset Management Inc. acquired a new stake in Tapestry (NYSE:TPR) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 263,795 shares of the luxury accessories retailer’s stock, valued at approximately $13,878,000. Oppenheimer Asset Management Inc. owned 0.09% of Tapestry as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of TPR. First Dallas Securities Inc. bought a new stake in shares of Tapestry during the 4th quarter worth approximately $108,000. Dupont Capital Management Corp acquired a new position in Tapestry during the 4th quarter worth approximately $110,000. Cerebellum GP LLC acquired a new position in Tapestry in the 4th quarter valued at approximately $118,000. American Research & Management Co. acquired a new position in Tapestry in the 4th quarter valued at approximately $129,000. Finally, Advisory Services Network LLC acquired a new position in Tapestry in the 4th quarter valued at approximately $131,000. 89.57% of the stock is owned by hedge funds and other institutional investors.
Shares of Tapestry opened at $44.48 on Monday, Marketbeat.com reports. Tapestry has a 12-month low of $38.70 and a 12-month high of $55.50. The company has a market capitalization of $12.80 billion, a price-to-earnings ratio of 17.58, a P/E/G ratio of 1.52 and a beta of 0.39. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.66 and a quick ratio of 1.83.
Tapestry (NYSE:TPR) last posted its quarterly earnings data on Tuesday, May 1st. The luxury accessories retailer reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.04. Tapestry had a return on equity of 24.12% and a net margin of 6.10%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Tapestry’s revenue for the quarter was up 32.9% compared to the same quarter last year. sell-side analysts anticipate that Tapestry will post 2.6 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Shareholders of record on Friday, June 8th will be issued a $0.338 dividend. This is a boost from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a yield of 3.04%. The ex-dividend date is Thursday, June 7th. Tapestry’s dividend payout ratio is presently 62.79%.
Several research firms have recently weighed in on TPR. Buckingham Research increased their price objective on shares of Tapestry from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Guggenheim reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Tapestry in a research note on Friday, April 27th. Loop Capital initiated coverage on shares of Tapestry in a research report on Thursday, March 8th. They set a “buy” rating and a $57.00 price target on the stock. Oppenheimer raised their price target on shares of Tapestry from $60.00 to $65.00 in a research report on Monday, April 30th. Finally, BMO Capital Markets raised their price objective on shares of Tapestry from $42.00 to $46.00 and gave the stock a “market perform” rating in a report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Tapestry currently has a consensus rating of “Buy” and an average price target of $54.27.
In other news, Director Susan J. Kropf sold 6,185 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $50.80, for a total value of $314,198.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.98% of the stock is owned by corporate insiders.
Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands. It offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, sunglasses, watches, novelty accessories, and ready-to-wear for men.
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