SVA Wealth Management LLC purchased a new stake in shares of Tapestry Inc (NYSE:TPR) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 14,955 shares of the luxury accessories retailer’s stock, valued at approximately $475,000.
A number of other hedge funds and other institutional investors have also modified their holdings of TPR. FMR LLC boosted its stake in shares of Tapestry by 100.4% during the first quarter. FMR LLC now owns 13,959,794 shares of the luxury accessories retailer’s stock valued at $453,553,000 after purchasing an additional 6,994,567 shares during the period. Prudential Financial Inc. boosted its stake in shares of Tapestry by 347.2% during the second quarter. Prudential Financial Inc. now owns 4,946,057 shares of the luxury accessories retailer’s stock valued at $156,938,000 after purchasing an additional 3,840,023 shares during the period. Ceredex Value Advisors LLC purchased a new stake in shares of Tapestry during the first quarter valued at approximately $69,401,000. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Tapestry by 28.5% during the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,326,188 shares of the luxury accessories retailer’s stock valued at $169,000,000 after purchasing an additional 1,182,774 shares during the period. Finally, Natixis boosted its stake in shares of Tapestry by 6,554.9% during the second quarter. Natixis now owns 909,994 shares of the luxury accessories retailer’s stock valued at $28,874,000 after purchasing an additional 896,320 shares during the period. Institutional investors and hedge funds own 88.52% of the company’s stock.
TPR traded up $0.44 during trading on Monday, reaching $25.62. The stock had a trading volume of 3,588,079 shares, compared to its average volume of 7,111,518. The stock’s 50 day moving average is $24.62 and its two-hundred day moving average is $29.84. The company has a current ratio of 2.79, a quick ratio of 1.94 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $7.34 billion, a price-to-earnings ratio of 9.97, a P/E/G ratio of 1.02 and a beta of 0.98. Tapestry Inc has a one year low of $18.54 and a one year high of $51.29.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.338 per share. The ex-dividend date of this dividend is Thursday, September 5th. This is an increase from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a dividend yield of 5.28%. Tapestry’s dividend payout ratio (DPR) is presently 52.53%.
A number of brokerages recently commented on TPR. Goldman Sachs Group lowered Tapestry from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $43.00 to $24.00 in a research note on Friday, August 16th. Cowen lowered Tapestry from an “outperform” rating to a “market perform” rating and set a $22.00 price target for the company. in a research note on Thursday, August 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 price target (down previously from $42.00) on shares of Tapestry in a research note on Friday, August 16th. MKM Partners dropped their price target on Tapestry from $34.00 to $22.00 and set a “market perform” rating for the company in a research note on Friday, August 16th. Finally, Telsey Advisory Group lowered Tapestry from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and seventeen have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $35.25.
Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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