abrdn plc Has $2.08 Million Stock Position in Tapestry, Inc. (NYSE:TPR)

abrdn plc lowered its position in shares of Tapestry, Inc. (NYSE:TPR – Get Rating) by 40.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,519 shares of the luxury accessories retailer’s stock after selling 37,225 shares during the quarter. abrdn plc’s holdings in Tapestry were worth $2,078,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Confluence Wealth Services Inc. acquired a new stake in shares of Tapestry during the 4th quarter worth about $33,000. Bay Harbor Wealth Management LLC acquired a new stake in shares of Tapestry during the 1st quarter worth about $42,000. Quent Capital LLC acquired a new stake in shares of Tapestry during the 4th quarter worth about $43,000. Covestor Ltd acquired a new stake in shares of Tapestry during the 4th quarter worth about $44,000. Finally, UMB Bank N A MO acquired a new stake in Tapestry in the 4th quarter valued at about $58,000. Institutional investors and hedge funds own 89.75% of the company’s stock.

Tapestry Stock Up 1.1 %

Tapestry stock opened at $34.00 on Tuesday. The company’s 50 day simple moving average is $32.55 and its 200 day simple moving average is $34.79. Tapestry, Inc. has a fifty-two week low of $26.39 and a fifty-two week high of $47.05. The firm has a market capitalization of $8.56 billion, a price-to-earnings ratio of 10.97, a PEG ratio of 0.68 and a beta of 1.36. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.48 and a quick ratio of 0.95.

Tapestry (NYSE:TPR – Get Rating) last announced its earnings results on Thursday, May 12th. The luxury accessories retailer reported $0.51 EPS for the quarter, topping the consensus estimate of $0.40 by $0.11. The firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.43 billion. Tapestry had a net margin of 12.99% and a return on equity of 32.07%. The business’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period last year, the company posted $0.51 EPS. As a group, sell-side analysts anticipate that Tapestry, Inc. will post 3.46 EPS for the current year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 27th. Shareholders of record on Friday, June 3rd were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, June 2nd. This represents a $1.00 annualized dividend and a yield of 2.94%. Tapestry’s dividend payout ratio (DPR) is currently 32.26%.

Tapestry announced that its Board of Directors has approved a stock repurchase program on Thursday, May 12th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the luxury accessories retailer to repurchase up to 18% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

TPR has been the subject of several research reports. Cowen lowered their price objective on shares of Tapestry from $56.00 to $40.00 in a research report on Friday, May 13th. BTIG Research lowered their price objective on shares of Tapestry from $53.00 to $48.00 and set a “buy” rating for the company in a research report on Thursday, July 21st. Cowen lowered their price objective on shares of Tapestry from $56.00 to $40.00 in a research report on Friday, May 13th. Citigroup lowered their price objective on shares of Tapestry from $50.00 to $46.00 in a research report on Friday, May 13th. Finally, Jefferies Financial Group raised shares of Tapestry from a “hold” rating to a “buy” rating and raised their target price for the company from $30.00 to $45.00 in a research note on Wednesday, June 15th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $46.18.

About Tapestry

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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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