ZWJ Investment Counsel Inc. Has $7.61 Million Position in Tapestry, Inc. (NYSE:TPR)

ZWJ Investment Counsel Inc. reduced its stake in shares of Tapestry, Inc. (NYSE:TPR) by 0.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 206,824 shares of the luxury accessories retailer’s stock after selling 584 shares during the quarter. ZWJ Investment Counsel Inc.’s holdings in Tapestry were worth $7,613,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of TPR. MetLife Investment Management LLC raised its stake in Tapestry by 20.1% during the first quarter. MetLife Investment Management LLC now owns 73,011 shares of the luxury accessories retailer’s stock worth $2,712,000 after acquiring an additional 12,222 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Tapestry by 2.3% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,323 shares of the luxury accessories retailer’s stock worth $1,312,000 after purchasing an additional 788 shares during the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Tapestry by 1.9% during the first quarter. Great West Life Assurance Co. Can now owns 56,357 shares of the luxury accessories retailer’s stock worth $2,176,000 after purchasing an additional 1,045 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Tapestry by 34.5% during the first quarter. Sei Investments Co. now owns 435,569 shares of the luxury accessories retailer’s stock worth $16,189,000 after purchasing an additional 111,610 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Tapestry by 955.8% during the first quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock worth $41,000 after purchasing an additional 994 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Trading Up 0.3 %

NYSE:TPR traded up $0.13 during mid-day trading on Friday, hitting $40.63. The company had a trading volume of 3,467,495 shares, compared to its average volume of 3,757,535. Tapestry, Inc. has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The business’s fifty day moving average is $45.49 and its two-hundred day moving average is $37.51. 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 firm has a market cap of $9.32 billion, a P/E ratio of 10.26, a P/E/G ratio of 0.83 and a beta of 1.57.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.17. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the prior year, the firm posted $1.36 earnings per share. The company’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, research analysts expect that Tapestry, Inc. will post 4.25 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s payout ratio is 35.35%.

Wall Street Analyst Weigh In

Several analysts have recently commented on TPR shares. Evercore ISI upgraded Tapestry from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $30.00 to $50.00 in a report on Monday, February 5th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a report on Wednesday, March 27th. Wells Fargo & Company increased their target price on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. The Goldman Sachs Group raised their price target on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a report on Friday, February 9th. Finally, TheStreet upgraded Tapestry from a “c+” rating to a “b-” rating in a report on Tuesday, December 26th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to 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.