Versor Investments LP decreased its position in Tapestry, Inc. (NYSE:TPR – Get Rating) by 40.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,880 shares of the luxury accessories retailer’s stock after selling 4,020 shares during the quarter. Versor Investments LP’s holdings in Tapestry were worth $218,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the company. GSA Capital Partners LLP grew its holdings in Tapestry by 74.2% during the 4th quarter. GSA Capital Partners LLP now owns 15,379 shares of the luxury accessories retailer’s stock valued at $624,000 after buying an additional 6,550 shares in the last quarter. abrdn plc raised its position in Tapestry by 2.5% during the 4th quarter. abrdn plc now owns 91,744 shares of the luxury accessories retailer’s stock valued at $3,725,000 after purchasing an additional 2,264 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Tapestry by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,035,577 shares of the luxury accessories retailer’s stock worth $82,645,000 after acquiring an additional 9,632 shares in the last quarter. Arizona State Retirement System raised its position in shares of Tapestry by 0.4% in the 1st quarter. Arizona State Retirement System now owns 75,553 shares of the luxury accessories retailer’s stock worth $2,807,000 after acquiring an additional 306 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its position in shares of Tapestry by 2,791.7% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 558,100 shares of the luxury accessories retailer’s stock worth $22,659,000 after acquiring an additional 538,800 shares in the last quarter. Institutional investors own 89.75% of the company’s stock.
Tapestry Stock Down 1.2 %
Shares of NYSE TPR opened at $33.63 on Monday. The stock has a market cap of $8.47 billion, a P/E ratio of 10.85, a PEG ratio of 0.69 and a beta of 1.37. The company has a current ratio of 1.48, a quick ratio of 0.95 and a debt-to-equity ratio of 0.47. Tapestry, Inc. has a 12-month low of $26.39 and a 12-month high of $47.05. The business’s fifty day simple moving average is $32.55 and its 200-day simple moving average is $34.82.
Tapestry announced that its board has authorized a share buyback plan on Thursday, May 12th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the luxury accessories retailer to purchase up to 18% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
Tapestry Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 27th. Shareholders of record on Friday, June 3rd were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend was Thursday, June 2nd. Tapestry’s dividend payout ratio is presently 32.26%.
Analyst Ratings Changes
TPR has been the topic of several research analyst reports. The Goldman Sachs Group dropped their target price on Tapestry from $39.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, July 21st. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, June 15th. BTIG Research reduced their target price on Tapestry from $53.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, July 21st. TheStreet lowered Tapestry from a “b” rating to a “c+” rating in a research report on Friday, May 20th. Finally, Robert W. Baird dropped their price target on Tapestry from $55.00 to $45.00 in a research report on Friday, May 13th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and an average 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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