Oppenheimer & Co. Inc. Raises Stake in Tapestry Inc (TPR)

Oppenheimer & Co. Inc. lifted its position in Tapestry Inc (NYSE:TPR) by 8.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,952 shares of the luxury accessories retailer’s stock after purchasing an additional 934 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Tapestry were worth $404,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of TPR. FMR LLC increased its holdings in shares of Tapestry by 19.8% in the second quarter. FMR LLC now owns 8,097,454 shares of the luxury accessories retailer’s stock worth $378,232,000 after purchasing an additional 1,335,513 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Tapestry in the third quarter worth about $56,533,000. Marshall Wace LLP bought a new stake in shares of Tapestry in the third quarter worth about $41,555,000. TIAA CREF Investment Management LLC increased its holdings in shares of Tapestry by 27.2% in the third quarter. TIAA CREF Investment Management LLC now owns 3,381,737 shares of the luxury accessories retailer’s stock worth $170,000,000 after purchasing an additional 723,780 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Tapestry by 35.4% in the third quarter. Janus Henderson Group PLC now owns 2,322,463 shares of the luxury accessories retailer’s stock worth $116,750,000 after purchasing an additional 606,751 shares during the last quarter. 89.62% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE TPR opened at $33.86 on Monday. The company has a quick ratio of 1.94, a current ratio of 2.62 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $9.82 billion, a P/E ratio of 12.87, a PEG ratio of 1.20 and a beta of 0.76. Tapestry Inc has a 52-week low of $31.91 and a 52-week high of $55.50.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, February 7th. The luxury accessories retailer reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.04). The firm had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Tapestry had a net margin of 12.18% and a return on equity of 23.84%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 EPS. Analysts anticipate that Tapestry Inc will post 2.62 EPS for the current year.

TPR has been the subject of several recent research reports. Morgan Stanley upgraded Tapestry from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, October 17th. Loop Capital lowered Tapestry from a “buy” rating to a “hold” rating and dropped their price target for the stock from $59.00 to $45.00 in a research report on Monday, October 15th. Buckingham Research dropped their price target on Tapestry from $62.00 to $53.00 and set a “buy” rating for the company in a research report on Wednesday, October 17th. Credit Suisse Group dropped their price target on Tapestry from $61.00 to $54.00 and set an “outperform” rating for the company in a research report on Wednesday, October 31st. Finally, Needham & Company LLC upgraded Tapestry from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, October 16th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $49.93.

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Tapestry Company Profile

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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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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