JPMorgan Chase & Co. decreased its holdings in shares of Tapestry Inc (NYSE:TPR) by 48.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 739,508 shares of the luxury accessories retailer’s stock after selling 683,447 shares during the period. JPMorgan Chase & Co.’s holdings in Tapestry were worth $24,027,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc lifted its holdings in Tapestry by 1.0% in the 3rd quarter. Vanguard Group Inc now owns 30,145,320 shares of the luxury accessories retailer’s stock valued at $1,515,405,000 after acquiring an additional 301,169 shares during the last quarter. Strs Ohio lifted its holdings in Tapestry by 11.3% in the 4th quarter. Strs Ohio now owns 54,398 shares of the luxury accessories retailer’s stock valued at $1,835,000 after acquiring an additional 5,501 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Tapestry in the 4th quarter valued at about $351,000. New York State Teachers Retirement System lifted its holdings in Tapestry by 1.1% in the 4th quarter. New York State Teachers Retirement System now owns 423,681 shares of the luxury accessories retailer’s stock valued at $14,299,000 after acquiring an additional 4,509 shares during the last quarter. Finally, Royal London Asset Management Ltd. acquired a new stake in Tapestry in the 4th quarter valued at about $4,300,000. 88.31% of the stock is owned by institutional investors.

NYSE TPR opened at $28.56 on Friday. The company has a quick ratio of 1.86, a current ratio of 2.67 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $8.23 billion, a PE ratio of 11.03, a P/E/G ratio of 1.02 and a beta of 0.70. Tapestry Inc has a 52-week low of $27.93 and a 52-week high of $54.35.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.34 billion. Tapestry had a net margin of 11.78% and a return on equity of 22.08%. The firm’s revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 earnings per share. Sell-side analysts predict that Tapestry Inc will post 2.58 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be given a $0.3375 dividend. This represents a $1.35 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date is Thursday, June 6th. Tapestry’s dividend payout ratio (DPR) is 51.33%.

A number of research firms have commented on TPR. MKM Partners reduced their price objective on shares of Tapestry to $52.00 in a research note on Monday, February 11th. Needham & Company LLC reduced their price objective on shares of Tapestry to $42.00 and set a “buy” rating for the company in a research note on Friday, February 8th. Canaccord Genuity reaffirmed a “buy” rating and set a $58.00 price objective on shares of Tapestry in a research note on Tuesday, February 5th. Barclays set a $41.00 price objective on shares of Tapestry and gave the company a “buy” rating in a research note on Saturday, February 9th. Finally, UBS Group reduced their price objective on shares of Tapestry from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-two have assigned a buy rating to the company. Tapestry currently has an average rating of “Buy” and an average target price of $47.42.

In related news, Director Darrell Cavens purchased 7,000 shares of Tapestry stock in a transaction dated Tuesday, May 28th. The stock was acquired at an average cost of $30.01 per share, with a total value of $210,070.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.70% of the stock is owned by corporate insiders.

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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.

Further Reading: Intrinsic Value

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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