Tapestry, Inc. (NYSE:TPR) is RWC Asset Management LLP’s 7th Largest Position

RWC Asset Management LLP lowered its holdings in Tapestry, Inc. (NYSE:TPR) by 5.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,429,309 shares of the luxury accessories retailer’s stock after selling 81,263 shares during the period. Tapestry accounts for 3.2% of RWC Asset Management LLP’s investment portfolio, making the stock its 7th biggest position. RWC Asset Management LLP owned about 0.62% of Tapestry worth $52,613,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bell Investment Advisors Inc grew its position in shares of Tapestry by 718.1% in the third quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock valued at $27,000 after purchasing an additional 833 shares during the period. Allworth Financial LP increased its stake in Tapestry by 62.0% during the fourth quarter. Allworth Financial LP now owns 1,620 shares of the luxury accessories retailer’s stock worth $60,000 after acquiring an additional 620 shares during the last quarter. AllSquare Wealth Management LLC increased its stake in Tapestry by 35.1% during the third quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock worth $47,000 after acquiring an additional 423 shares during the last quarter. Parkside Financial Bank & Trust increased its stake in Tapestry by 56.9% during the third quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock worth $53,000 after acquiring an additional 668 shares during the last quarter. Finally, Wolverine Asset Management LLC acquired a new stake in Tapestry during the third quarter worth about $63,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

Shares of Tapestry stock traded up $0.66 on Friday, reaching $40.05. 3,329,580 shares of the company were exchanged, compared to its average volume of 4,049,072. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. The company’s 50-day moving average is $45.04 and its two-hundred day moving average is $37.92. The firm has a market cap of $9.19 billion, a price-to-earnings ratio of 10.11, a P/E/G ratio of 0.81 and a beta of 1.57. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 41.75% and a net margin of 13.80%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.36 EPS. As a group, research analysts expect that Tapestry, Inc. will post 4.23 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date was Thursday, March 7th. Tapestry’s payout ratio is currently 35.35%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research note on Wednesday, March 27th. Wells Fargo & Company upped their target price on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Raymond James upped their target price on Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and increased their price target for the company from $30.00 to $50.00 in a report on Monday, February 5th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average target price of $47.81.

Tapestry Company Profile

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.