Meritage Portfolio Management Lowers Holdings in Tapestry, Inc. (NYSE:TPR)

Meritage Portfolio Management reduced its position in shares of Tapestry, Inc. (NYSE:TPR) by 58.1% during the 4th quarter, HoldingsChannel reports. The fund owned 67,781 shares of the luxury accessories retailer’s stock after selling 94,004 shares during the period. Meritage Portfolio Management’s holdings in Tapestry were worth $2,495,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Raleigh Capital Management Inc. boosted its stake in shares of Tapestry by 5.7% during the 3rd quarter. Raleigh Capital Management Inc. now owns 5,463 shares of the luxury accessories retailer’s stock worth $157,000 after acquiring an additional 297 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in shares of Tapestry by 0.3% during the 3rd quarter. Treasurer of the State of North Carolina now owns 109,837 shares of the luxury accessories retailer’s stock worth $3,158,000 after acquiring an additional 353 shares in the last quarter. Sowell Financial Services LLC boosted its stake in shares of Tapestry by 2.1% during the 3rd quarter. Sowell Financial Services LLC now owns 18,348 shares of the luxury accessories retailer’s stock worth $527,000 after acquiring an additional 381 shares in the last quarter. AllSquare Wealth Management LLC boosted its stake in shares of Tapestry by 35.1% during the 3rd quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock worth $47,000 after acquiring an additional 423 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in shares of Tapestry by 23.1% during the 4th quarter. Federated Hermes Inc. now owns 2,648 shares of the luxury accessories retailer’s stock worth $97,000 after purchasing an additional 497 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on TPR. Evercore ISI upgraded shares of Tapestry from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $30.00 to $50.00 in a research report on Monday, February 5th. The Goldman Sachs Group increased their price objective on shares of Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a research report on Wednesday, April 17th. Wells Fargo & Company raised their price target on shares of Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a research report on Wednesday, March 27th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and an average price target of $47.81.

Tapestry Price Performance

TPR stock traded down $0.64 during trading on Thursday, reaching $39.39. 4,310,958 shares of the company were exchanged, compared to its average volume of 3,813,945. The company has a market cap of $9.03 billion, a P/E ratio of 10.11, a PEG ratio of 0.81 and a beta of 1.57. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $48.80. The stock’s 50 day moving average price is $45.28 and its 200 day moving average price is $37.83. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. The firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.36 earnings per share. As a group, analysts predict that Tapestry, Inc. will post 4.23 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s dividend payout ratio (DPR) is presently 35.35%.

About Tapestry

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.