Vanguard Group Inc. Increases Stock Holdings in Tapestry Inc (NYSE:TPR)
Vanguard Group Inc. increased its holdings in Tapestry Inc (NYSE:TPR) by 0.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 32,378,213 shares of the luxury accessories retailer’s stock after purchasing an additional 47,075 shares during the period. Vanguard Group Inc. owned 11.16% of Tapestry worth $1,027,361,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Nelson Roberts Investment Advisors LLC purchased a new stake in shares of Tapestry in the first quarter valued at $26,000. Avestar Capital LLC grew its position in shares of Tapestry by 2,225.0% in the first quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock valued at $39,000 after purchasing an additional 1,157 shares during the period. NumerixS Investment Technologies Inc purchased a new stake in shares of Tapestry in the second quarter valued at $50,000. FTB Advisors Inc. boosted its holdings in Tapestry by 612.0% in the second quarter. FTB Advisors Inc. now owns 2,079 shares of the luxury accessories retailer’s stock valued at $65,000 after acquiring an additional 1,787 shares during the last quarter. Finally, Zions Bancorporation N.A. acquired a new position in Tapestry in the first quarter valued at $103,000. 88.52% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on TPR shares. Credit Suisse Group cut Tapestry from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $38.00 to $22.00 in a report on Thursday, August 15th. Robert W. Baird set a $43.00 target price on Tapestry and gave the company a “buy” rating in a report on Monday, August 12th. Cowen cut Tapestry from an “outperform” rating to a “market perform” rating and set a $22.00 target price on the stock. in a report on Thursday, August 29th. Wells Fargo & Co lifted their target price on Tapestry from $26.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, September 13th. Finally, Oppenheimer cut Tapestry from an “outperform” rating to a “market perform” rating in a report on Friday, August 16th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $35.25.
Tapestry (NYSE:TPR) last announced its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.61. Tapestry had a return on equity of 21.64% and a net margin of 10.68%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the company earned $0.60 earnings per share. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. Equities research analysts anticipate that Tapestry Inc will post 2.57 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 6th will be given a dividend of $0.338 per share. This represents a $1.35 dividend on an annualized basis and a dividend yield of 5.39%. This is a positive change from Tapestry’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 5th. Tapestry’s payout ratio is presently 52.53%.
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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