Global Thematic Partners LLC Acquires 955,892 Shares of Tapestry Inc (TPR)
Global Thematic Partners LLC raised its holdings in Tapestry Inc (NYSE:TPR) by 119.1% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,758,516 shares of the luxury accessories retailer’s stock after acquiring an additional 955,892 shares during the quarter. Tapestry comprises approximately 2.7% of Global Thematic Partners LLC’s investment portfolio, making the stock its 12th largest holding. Global Thematic Partners LLC’s holdings in Tapestry were worth $57,134,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of TPR. Bank of New York Mellon Corp raised its holdings in shares of Tapestry by 0.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,889,240 shares of the luxury accessories retailer’s stock valued at $195,512,000 after purchasing an additional 28,796 shares in the last quarter. Martingale Asset Management L P raised its holdings in shares of Tapestry by 253.8% in the 3rd quarter. Martingale Asset Management L P now owns 26,235 shares of the luxury accessories retailer’s stock valued at $1,319,000 after purchasing an additional 18,820 shares in the last quarter. Schroder Investment Management Group acquired a new stake in shares of Tapestry in the 3rd quarter valued at $584,000. Dimensional Fund Advisors LP raised its holdings in shares of Tapestry by 0.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,649,011 shares of the luxury accessories retailer’s stock valued at $82,895,000 after purchasing an additional 10,533 shares in the last quarter. Finally, Blair William & Co. IL acquired a new stake in shares of Tapestry in the 3rd quarter valued at $215,000. 90.84% of the stock is owned by institutional investors.
TPR traded down $0.51 during trading on Thursday, hitting $32.90. 4,033,273 shares of the company’s stock were exchanged, compared to its average volume of 4,077,895. The company has a quick ratio of 1.94, a current ratio of 2.62 and a debt-to-equity ratio of 0.46. Tapestry Inc has a 1 year low of $30.69 and a 1 year high of $55.50. The company has a market cap of $9.69 billion, a P/E ratio of 12.51, a P/E/G ratio of 1.19 and a beta of 0.71.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 8th were paid a dividend of $0.3375 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.35 annualized dividend and a yield of 4.10%. Tapestry’s dividend payout ratio is currently 51.33%.
TPR has been the topic of a number of analyst reports. KeyCorp reduced their price objective on shares of Tapestry from $62.00 to $42.00 and set an “overweight” rating on the stock in a report on Friday, February 8th. They noted that the move was a valuation call. Cowen lowered their price objective on shares of Tapestry from $62.00 to $42.00 and set an “outperform” rating on the stock in a research report on Friday, February 8th. They noted that the move was a valuation call. Guggenheim reissued a “buy” rating and set a $52.00 price objective on shares of Tapestry in a research report on Tuesday, January 29th. Zacks Investment Research raised shares of Tapestry from a “sell” rating to a “hold” rating and set a $38.00 target price on the stock in a report on Thursday. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $58.00 target price on shares of Tapestry in a report on Tuesday, February 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-two have issued a buy rating to the company’s stock. Tapestry currently has a consensus rating of “Buy” and an average price target of $49.75.
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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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