Arizona State Retirement System increased its holdings in shares of Tapestry, Inc. (NYSE:TPR – Get Rating) by 0.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 75,553 shares of the luxury accessories retailer’s stock after acquiring an additional 306 shares during the quarter. Arizona State Retirement System’s holdings in Tapestry were worth $2,807,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Confluence Wealth Services Inc. acquired a new stake in Tapestry during the fourth quarter worth about $33,000. Quent Capital LLC bought a new position in Tapestry in the 4th quarter worth about $43,000. Covestor Ltd bought a new position in Tapestry in the 4th quarter worth about $44,000. Bay Harbor Wealth Management LLC bought a new position in Tapestry in the 1st quarter worth about $42,000. Finally, UMB Bank N A MO bought a new position in Tapestry in the 4th quarter worth about $58,000. Institutional investors and hedge funds own 89.75% of the company’s stock.
Tapestry Stock Down 1.2 %
TPR stock opened at $33.63 on Friday. Tapestry, Inc. has a 12-month low of $26.39 and a 12-month high of $47.05. The company has a quick ratio of 0.95, a current ratio of 1.48 and a debt-to-equity ratio of 0.47. The company has a market cap of $8.47 billion, a price-to-earnings ratio of 10.85, a PEG ratio of 0.69 and a beta of 1.37. The company has a 50 day moving average of $32.55 and a two-hundred day moving average of $34.85.
Tapestry (NYSE:TPR – Get Rating) last released its earnings results on Thursday, May 12th. The luxury accessories retailer reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.11. Tapestry had a net margin of 12.99% and a return on equity of 32.07%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the firm earned $0.51 EPS. The company’s revenue was up 13.1% compared to the same quarter last year. On average, equities analysts anticipate that Tapestry, Inc. will post 3.46 earnings per share for the current fiscal year.
Tapestry declared that its board has initiated a share repurchase plan on Thursday, May 12th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the luxury accessories retailer to repurchase up to 18% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
Tapestry Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 27th. Stockholders of record on Friday, June 3rd were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, June 2nd. This represents a $1.00 annualized dividend and a dividend yield of 2.97%. Tapestry’s dividend payout ratio (DPR) is 32.26%.
Analyst Ratings Changes
Several research analysts have commented on TPR shares. Barclays decreased their target price on shares of Tapestry from $53.00 to $39.00 and set a “na” rating for the company in a research report on Monday, May 16th. Citigroup decreased their price objective on shares of Tapestry from $50.00 to $46.00 in a report on Friday, May 13th. TheStreet cut shares of Tapestry from a “b” rating to a “c+” rating in a report on Friday, May 20th. Robert W. Baird reduced their target price on shares of Tapestry from $55.00 to $45.00 in a report on Friday, May 13th. Finally, StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, June 15th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.18.
Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers women’s accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
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