Ninety One UK Ltd Grows Position in Tapestry, Inc. (NYSE:TPR)

Ninety One UK Ltd grew its position in shares of Tapestry, Inc. (NYSE:TPR) by 12.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,321,308 shares of the luxury accessories retailer’s stock after acquiring an additional 597,715 shares during the quarter. Ninety One UK Ltd’s holdings in Tapestry were worth $195,877,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Tapestry by 2.4% during 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 purchasing an additional 751,210 shares during 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 worth $696,454,000 after buying an additional 505,189 shares during the last quarter. 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 valued at $403,032,000 after acquiring an additional 280,959 shares in the last quarter. State Street Corp increased its position in shares of Tapestry by 1.7% during the second quarter. State Street Corp now owns 9,588,682 shares of the luxury accessories retailer’s stock valued at $410,396,000 after acquiring an additional 160,015 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in 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 worth $196,183,000 after purchasing an additional 305,658 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

TPR has been the topic of a number of recent analyst reports. Wells Fargo & Company lifted their target price on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday. Evercore ISI raised shares of Tapestry from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $30.00 to $50.00 in a report on Monday, February 5th. Telsey Advisory Group reissued an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a report on Wednesday, March 27th. Finally, Raymond James boosted their target price on Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.81.

Tapestry Price Performance

Shares of Tapestry stock traded down $0.02 on Thursday, reaching $40.47. The stock had a trading volume of 1,064,169 shares, compared to its average volume of 3,723,585. The business’s 50 day moving average is $45.57 and its two-hundred day moving average is $37.41. The company has a market cap of $9.28 billion, a P/E ratio of 10.22, a price-to-earnings-growth ratio of 0.84 and a beta of 1.57. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80. 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 (NYSE:TPR) last posted its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.17. The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.36 EPS. As a group, research analysts anticipate that Tapestry, Inc. will post 4.25 EPS for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.46%. The ex-dividend date was Thursday, March 7th. Tapestry’s payout ratio is 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.