Buckley Wealth Management LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 5,151 shares of the luxury accessories retailer’s stock, valued at approximately $220,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Commerce Bank increased its position in shares of Tapestry by 5.3% during the 1st quarter. Commerce Bank now owns 9,564 shares of the luxury accessories retailer’s stock worth $412,000 after purchasing an additional 484 shares during the last quarter. LPL Financial LLC raised its position in Tapestry by 8.1% during the first quarter. LPL Financial LLC now owns 87,494 shares of the luxury accessories retailer’s stock worth $3,772,000 after acquiring an additional 6,557 shares in the last quarter. Patton Fund Management Inc. acquired a new stake in Tapestry in the fourth quarter valued at $213,000. Cambria Investment Management L.P. grew its position in shares of Tapestry by 10.8% in the 1st quarter. Cambria Investment Management L.P. now owns 196,096 shares of the luxury accessories retailer’s stock valued at $8,454,000 after acquiring an additional 19,150 shares during the period. Finally, Raymond James Trust N.A. acquired a new position in shares of Tapestry during the 1st quarter worth about $214,000. Institutional investors and hedge funds own 92.12% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on TPR shares. Redburn Atlantic downgraded shares of Tapestry from an “overweight” rating to a “neutral” rating and set a $33.00 target price for the company. in a research note on Wednesday, September 13th. Jefferies Financial Group decreased their target price on Tapestry from $53.00 to $50.00 in a report on Friday, August 4th. OTR Global downgraded Tapestry to a “positive” rating in a report on Wednesday, July 19th. JPMorgan Chase & Co. upped their price objective on shares of Tapestry from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, August 18th. Finally, Raymond James cut their target price on shares of Tapestry from $50.00 to $47.00 and set an “outperform” rating for the company in a research note on Friday, August 18th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $48.40.
Tapestry Stock Down 2.0 %
Shares of TPR opened at $30.37 on Tuesday. The firm has a 50 day simple moving average of $37.31 and a two-hundred day simple moving average of $40.18. The company has a market cap of $6.91 billion, a P/E ratio of 7.83, a P/E/G ratio of 0.65 and a beta of 1.48. Tapestry, Inc. has a one year low of $27.53 and a one year high of $47.48. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.84 and a quick ratio of 1.12.
Tapestry (NYSE:TPR – Get Free Report) last released its quarterly earnings data on Thursday, August 17th. The luxury accessories retailer reported $0.95 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.02). The business had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.65 billion. Tapestry had a net margin of 14.05% and a return on equity of 41.10%. The business’s quarterly revenue was down .3% compared to the same quarter last year. During the same period last year, the business earned $0.78 earnings per share. Research analysts forecast that Tapestry, Inc. will post 4.13 EPS for the current fiscal year.
Tapestry Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Friday, September 8th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date is Thursday, September 7th. This is a boost from Tapestry’s previous quarterly dividend of $0.30. Tapestry’s payout ratio is presently 36.08%.
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.
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