Welch & Forbes LLC Has $217,000 Holdings in Tapestry, Inc. (NYSE:TPR)

Welch & Forbes LLC lessened its holdings in Tapestry, Inc. (NYSE:TPR) by 23.4% during the fourth quarter, HoldingsChannel reports. The fund owned 5,900 shares of the luxury accessories retailer’s stock after selling 1,800 shares during the quarter. Welch & Forbes LLC’s holdings in Tapestry were worth $217,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of TPR. Vanguard Group Inc. raised its position in shares of Tapestry by 0.6% in the third quarter. Vanguard Group Inc. now owns 31,554,418 shares of the luxury accessories retailer’s stock valued at $907,190,000 after purchasing an additional 173,111 shares during the period. FMR LLC grew its holdings in shares of Tapestry by 2.0% in the third quarter. FMR LLC now owns 14,018,492 shares of the luxury accessories retailer’s stock worth $403,032,000 after purchasing an additional 280,959 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Tapestry by 4.7% in the third quarter. Victory Capital Management Inc. now owns 6,823,763 shares of the luxury accessories retailer’s stock valued at $196,183,000 after acquiring an additional 305,658 shares during the period. Ninety One UK Ltd raised its position in Tapestry by 12.7% during the 4th quarter. Ninety One UK Ltd now owns 5,321,308 shares of the luxury accessories retailer’s stock valued at $195,877,000 after purchasing an additional 597,715 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Tapestry by 28.2% in the third quarter. Ameriprise Financial Inc. now owns 5,249,047 shares of the luxury accessories retailer’s stock worth $150,916,000 after acquiring an additional 1,154,808 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Trading Down 0.4 %

Shares of TPR stock traded down $0.14 on Wednesday, reaching $38.85. 1,286,073 shares of the company’s stock were exchanged, compared to its average volume of 3,797,142. The company’s fifty day simple moving average is $43.95 and its 200 day simple moving average is $38.62. The stock has a market capitalization of $8.91 billion, a PE ratio of 9.85, a P/E/G ratio of 0.81 and a beta of 1.61. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80.

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

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were paid a $0.35 dividend. The ex-dividend date was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a yield of 3.60%. Tapestry’s dividend payout ratio is currently 35.35%.

Analysts Set New Price Targets

Several research analysts recently issued reports on TPR shares. OTR Global reiterated a “mixed” rating on shares of Tapestry in a research note on Wednesday, April 17th. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research report on Wednesday, March 27th. Jefferies Financial Group cut Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research report on Thursday, February 29th. Wells Fargo & Company boosted their price objective on Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Finally, Evercore ISI upgraded Tapestry from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $30.00 to $50.00 in a research report on Monday, February 5th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average price target of $47.81.

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.