MUFG Securities EMEA plc Lowers Stock Holdings in Tapestry, Inc. (NYSE:TPR)

MUFG Securities EMEA plc trimmed its position in shares of Tapestry, Inc. (NYSE:TPR) by 54.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 7,895 shares of the luxury accessories retailer’s stock after selling 9,346 shares during the period. MUFG Securities EMEA plc’s holdings in Tapestry were worth $291,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. raised its position in Tapestry by 3.4% in the 3rd quarter. Principal Financial Group Inc. now owns 290,405 shares of the luxury accessories retailer’s stock valued at $8,349,000 after purchasing an additional 9,426 shares in the last quarter. California Public Employees Retirement System raised its position in Tapestry by 2.9% in the 3rd quarter. California Public Employees Retirement System now owns 458,743 shares of the luxury accessories retailer’s stock valued at $13,189,000 after purchasing an additional 13,007 shares in the last quarter. NBC Securities Inc. acquired a new stake in Tapestry in the 3rd quarter valued at about $305,000. Assenagon Asset Management S.A. raised its position in Tapestry by 189.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 228,045 shares of the luxury accessories retailer’s stock valued at $6,556,000 after purchasing an additional 149,268 shares in the last quarter. Finally, Smithfield Trust Co raised its position in Tapestry by 22.1% in the 3rd quarter. Smithfield Trust Co now owns 5,630 shares of the luxury accessories retailer’s stock valued at $163,000 after purchasing an additional 1,020 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Stock Performance

Shares of TPR stock traded up $0.94 during midday trading on Friday, hitting $42.30. The company had a trading volume of 2,294,897 shares, compared to its average volume of 3,593,177. The company’s 50 day simple moving average is $42.47 and its 200 day simple moving average is $39.90. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $48.80. The stock has a market cap of $9.72 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 0.92 and a beta of 1.61. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.14. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the business posted $0.78 EPS. The company’s revenue was down 2.0% on a year-over-year basis. Research analysts anticipate that Tapestry, Inc. will post 4.22 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 24th. Shareholders of record on Friday, June 7th will be paid a $0.35 dividend. The ex-dividend date is Friday, June 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.31%. Tapestry’s dividend payout ratio (DPR) is currently 37.04%.

Analyst Upgrades and Downgrades

TPR has been the topic of a number of analyst reports. JPMorgan Chase & Co. reduced their price target on Tapestry from $56.00 to $54.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. OTR Global reissued a “mixed” rating on shares of Tapestry in a research report on Wednesday, April 17th. Raymond James raised their target price on Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. Jefferies Financial Group lowered Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a research report on Thursday, February 29th. Finally, Telsey Advisory Group reissued an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research report on Thursday, May 9th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.31.

Tapestry 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.