PNC Financial Services Group Inc. grew its position in shares of Tapestry Inc (NYSE:TPR) by 16.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,040 shares of the luxury accessories retailer’s stock after acquiring an additional 10,501 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tapestry were worth $3,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted 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 worth $195,512,000 after buying an additional 28,796 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Tapestry by 35.4% in the 3rd quarter. Janus Henderson Group PLC now owns 2,322,463 shares of the luxury accessories retailer’s stock worth $116,750,000 after buying an additional 606,751 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Tapestry by 16.5% in the 3rd quarter. Alliancebernstein L.P. now owns 561,219 shares of the luxury accessories retailer’s stock worth $28,212,000 after buying an additional 79,354 shares during the last quarter. Keybank National Association OH purchased a new position in shares of Tapestry in the 3rd quarter worth about $829,000. Finally, Piedmont Investment Advisors Inc. boosted its holdings in shares of Tapestry by 10.9% in the 3rd quarter. Piedmont Investment Advisors Inc. now owns 37,939 shares of the luxury accessories retailer’s stock worth $1,907,000 after buying an additional 3,725 shares during the last quarter. 89.26% of the stock is currently owned by hedge funds and other institutional investors.

TPR stock opened at $37.58 on Friday. The company has a current ratio of 2.74, a quick ratio of 1.83 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $11.08 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.22 and a beta of 0.62. Tapestry Inc has a 1-year low of $36.72 and a 1-year high of $55.50.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The company had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Tapestry had a net margin of 9.00% and a return on equity of 24.73%. Tapestry’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.42 earnings per share. As a group, sell-side analysts predict that Tapestry Inc will post 2.78 earnings per share for the current year.

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

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

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Tapestry 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.

Featured Story: SEC Filing

Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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