BNP Paribas Arbitrage SNC Increases Position in Tapestry, Inc. (NYSE:TPR)

BNP Paribas Arbitrage SNC lifted its position in Tapestry, Inc. (NYSE:TPR) by 22.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 149,700 shares of the luxury accessories retailer’s stock after purchasing an additional 27,406 shares during the quarter. BNP Paribas Arbitrage SNC owned 0.06% of Tapestry worth $6,407,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Tapestry by 2.4% in the first quarter. Vanguard Group Inc. now owns 32,654,335 shares of the luxury accessories retailer’s stock worth $1,213,109,000 after buying an additional 751,210 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Tapestry by 3.2% in the 1st quarter. BlackRock Inc. now owns 16,155,279 shares of the luxury accessories retailer’s stock valued at $696,454,000 after purchasing an additional 505,189 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich boosted its position in Tapestry by 100,555.5% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 11,249,259 shares of the luxury accessories retailer’s stock valued at $481,468,000 after buying an additional 11,238,083 shares during the period. Victory Capital Management Inc. boosted its position in Tapestry by 15.8% during the second quarter. Victory Capital Management Inc. now owns 6,518,105 shares of the luxury accessories retailer’s stock valued at $278,975,000 after buying an additional 890,215 shares during the period. Finally, Ninety One UK Ltd boosted its position in Tapestry by 1.8% during the second quarter. Ninety One UK Ltd now owns 5,754,261 shares of the luxury accessories retailer’s stock valued at $246,282,000 after buying an additional 100,141 shares during the period. 92.12% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Stock Up 1.2 %

TPR stock opened at $30.76 on Tuesday. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $47.48. The business has a fifty day moving average price of $28.65 and a 200-day moving average price of $36.08. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.02 and a quick ratio of 1.23. The stock has a market capitalization of $7.05 billion, a P/E ratio of 7.83, a P/E/G ratio of 0.65 and a beta of 1.48.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, November 9th. The luxury accessories retailer reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.03. Tapestry had a return on equity of 41.29% and a net margin of 14.03%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the previous year, the firm earned $0.79 EPS. Tapestry’s revenue was up .4% on a year-over-year basis. Equities analysts forecast that Tapestry, Inc. will post 4.14 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 26th. Shareholders of record on Friday, December 8th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 4.55%. The ex-dividend date is Thursday, December 7th. Tapestry’s dividend payout ratio is presently 35.62%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TPR. Evercore ISI began coverage on Tapestry in a report on Tuesday, November 7th. They set an “in-line” rating and a $30.00 target price for the company. UBS Group cut their target price on shares of Tapestry from $44.00 to $39.00 and set a “neutral” rating on the stock in a report on Thursday, September 7th. Raymond James dropped their price target on shares of Tapestry from $47.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, November 10th. StockNews.com assumed coverage on shares of Tapestry in a research report on Thursday, October 5th. They set a “buy” rating for the company. Finally, Jefferies Financial Group dropped their target price on shares of Tapestry from $53.00 to $50.00 in a report on Friday, August 4th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.18.

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.