826,630 Shares in Tapestry Inc (TPR) Purchased by Marshall Wace LLP
Marshall Wace LLP bought a new position in shares of Tapestry Inc (NYSE:TPR) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 826,630 shares of the luxury accessories retailer’s stock, valued at approximately $41,555,000. Marshall Wace LLP owned 0.29% of Tapestry at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Voya Investment Management LLC grew its holdings in shares of Tapestry by 147.7% in the second quarter. Voya Investment Management LLC now owns 5,210,305 shares of the luxury accessories retailer’s stock valued at $243,373,000 after purchasing an additional 3,107,067 shares in the last quarter. BlackRock Inc. raised its holdings in Tapestry by 15.5% in the second quarter. BlackRock Inc. now owns 20,772,651 shares of the luxury accessories retailer’s stock worth $970,290,000 after purchasing an additional 2,780,915 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Tapestry by 598.6% in the second quarter. Janus Henderson Group PLC now owns 1,715,712 shares of the luxury accessories retailer’s stock worth $80,141,000 after purchasing an additional 1,470,103 shares in the last quarter. FMR LLC grew its stake in shares of Tapestry by 19.8% during the second quarter. FMR LLC now owns 8,097,454 shares of the luxury accessories retailer’s stock worth $378,232,000 after acquiring an additional 1,335,513 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Tapestry during the third quarter worth about $56,533,000. 89.26% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently commented on TPR. Zacks Investment Research lowered Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, November 19th. Barclays upped their target price on Tapestry from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, August 16th. Bank of America upped their target price on Tapestry from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, August 15th. Piper Jaffray Companies reissued a “buy” rating and issued a $59.00 price target on shares of Tapestry in a report on Thursday, August 16th. Finally, Loop Capital set a $59.00 price target on Tapestry and gave the company a “buy” rating in a report on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty have assigned a buy rating to the company. Tapestry currently has a consensus rating of “Buy” and a consensus target price of $53.07.
Tapestry (NYSE:TPR) last issued its earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The company had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Tapestry had a return on equity of 24.73% and a net margin of 9.00%. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.42 EPS. On average, equities analysts anticipate that Tapestry Inc will post 2.78 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 7th will be issued a $0.338 dividend. This is a boost from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend is Thursday, December 6th. Tapestry’s dividend payout ratio is presently 51.33%.
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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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