Prospera Financial Services Inc purchased a new position in shares of Tapestry, Inc. (NYSE:TPR – Get Rating) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 4,012 shares of the luxury accessories retailer’s stock, valued at approximately $149,000.
A number of other large investors have also recently bought and sold shares of TPR. Confluence Wealth Services Inc. bought a new stake in Tapestry in the 4th quarter valued at $33,000. AllSquare Wealth Management LLC acquired a new stake in Tapestry in the first quarter valued at about $39,000. Quent Capital LLC acquired a new stake in Tapestry in the fourth quarter valued at about $43,000. Covestor Ltd acquired a new stake in Tapestry in the fourth quarter valued at about $44,000. Finally, Bay Harbor Wealth Management LLC acquired a new stake in Tapestry in the first quarter valued at about $42,000. Institutional investors and hedge funds own 89.75% of the company’s stock.
Tapestry Stock Up 0.1 %
TPR stock opened at $33.87 on Friday. The stock’s fifty day simple moving average is $32.71 and its two-hundred day simple moving average is $34.71. 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 1-year low of $26.39 and a 1-year high of $47.05. The stock has a market cap of $8.53 billion, a P/E ratio of 10.93, a P/E/G ratio of 0.67 and a beta of 1.36.
Tapestry declared that its board has initiated a share repurchase program on Thursday, May 12th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the luxury accessories retailer to repurchase up to 18% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
Tapestry Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 27th. Shareholders of record on Friday, June 3rd were paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, June 2nd. This represents a $1.00 dividend on an annualized basis and a yield of 2.95%. Tapestry’s dividend payout ratio is currently 32.26%.
Analyst Upgrades and Downgrades
Several research firms recently weighed in on TPR. Cowen reduced their price objective on Tapestry from $56.00 to $40.00 in a research note on Friday, May 13th. UBS Group cut their price target on Tapestry from $36.00 to $31.00 in a research note on Friday, July 15th. Wells Fargo & Company cut their price target on Tapestry from $45.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, July 7th. Credit Suisse Group cut their price target on Tapestry from $67.00 to $53.00 in a research note on Friday, May 13th. Finally, BTIG Research cut their price target on Tapestry from $53.00 to $48.00 and set a “buy” rating on the stock in a research note on Thursday, July 21st. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target 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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