People s United Financial Inc. reduced its stake in shares of Tapestry Inc (NYSE:TPR) by 4.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,621 shares of the luxury accessories retailer’s stock after selling 1,516 shares during the quarter. People s United Financial Inc.’s holdings in Tapestry were worth $1,741,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Stratos Wealth Partners LTD. bought a new position in Tapestry during the 3rd quarter worth $145,000. Twin Tree Management LP grew its stake in Tapestry by 128.9% during the 2nd quarter. Twin Tree Management LP now owns 3,394 shares of the luxury accessories retailer’s stock worth $159,000 after buying an additional 15,144 shares during the last quarter. NEXT Financial Group Inc bought a new position in Tapestry during the 3rd quarter worth $179,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in Tapestry during the 3rd quarter worth $201,000. Finally, Bray Capital Advisors grew its stake in Tapestry by 100.0% during the 3rd quarter. Bray Capital Advisors now owns 4,000 shares of the luxury accessories retailer’s stock worth $201,000 after buying an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 89.26% of the company’s stock.

Shares of Tapestry stock opened at $37.58 on Friday. The company has a quick ratio of 1.83, a current ratio of 2.74 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $11.08 billion, a PE ratio of 14.29, a PEG ratio of 1.22 and a beta of 0.62. Tapestry Inc has a fifty-two week low of $36.72 and a fifty-two week high of $55.50.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.35 billion. Tapestry had a return on equity of 24.73% and a net margin of 9.00%. The company’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 earnings per share. Equities analysts anticipate that Tapestry Inc will post 2.78 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be issued a $0.338 dividend. This is a positive change from Tapestry’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $1.35 annualized dividend and a dividend yield of 3.60%. Tapestry’s dividend payout ratio is 51.33%.

TPR has been the subject of a number of analyst reports. Piper Jaffray Companies reiterated a “buy” rating and set a $59.00 price target on shares of Tapestry in a research report on Thursday, August 16th. Bank of America boosted their price target on Tapestry from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, August 15th. Loop Capital set a $59.00 price target on Tapestry and gave the stock a “buy” rating in a research report on Tuesday, August 14th. Canaccord Genuity reiterated a “buy” rating and set a $63.00 price target on shares of Tapestry in a research report on Monday, October 29th. Finally, ValuEngine lowered Tapestry from a “buy” rating to a “hold” rating in a research report on Thursday, October 11th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty have issued a buy rating to the company’s stock. Tapestry has an average rating of “Buy” and a consensus target price of $53.07.

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About Tapestry

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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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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