Envestnet Asset Management Inc. lifted its stake in Tapestry, Inc. (NYSE:TPR – Get Rating) by 3.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 346,050 shares of the luxury accessories retailer’s stock after acquiring an additional 11,519 shares during the period. Envestnet Asset Management Inc.’s holdings in Tapestry were worth $12,856,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the stock. National Bank of Canada FI purchased a new position in Tapestry during the 4th quarter worth $78,000. Allspring Global Investments Holdings LLC purchased a new position in Tapestry during the 4th quarter worth $4,603,000. Yousif Capital Management LLC purchased a new position in Tapestry during the 4th quarter worth $1,840,000. CWM LLC purchased a new position in Tapestry during the 4th quarter worth $92,000. Finally, Qube Research & Technologies Ltd grew its stake in Tapestry by 38.1% during the 4th quarter. Qube Research & Technologies Ltd now owns 390,770 shares of the luxury accessories retailer’s stock worth $15,865,000 after buying an additional 107,740 shares during the last quarter. 89.75% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several analysts have weighed in on TPR shares. TheStreet downgraded Tapestry from a “b” rating to a “c+” rating in a research note on Friday, May 20th. Citigroup dropped their price target on Tapestry from $50.00 to $46.00 in a research note on Friday, May 13th. Credit Suisse Group dropped their price target on Tapestry from $67.00 to $53.00 in a research note on Friday, May 13th. UBS Group dropped their price target on Tapestry from $36.00 to $31.00 in a research note on Friday, July 15th. Finally, Jefferies Financial Group upgraded Tapestry from a “hold” rating to a “buy” rating and boosted their price target for the company from $30.00 to $45.00 in a research note on Wednesday, June 15th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.18.
Tapestry Stock Performance
Tapestry (NYSE:TPR – Get Rating) last released its quarterly earnings results on Thursday, May 12th. The luxury accessories retailer reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.11. Tapestry had a return on equity of 32.07% and a net margin of 12.99%. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter in the prior year, the firm posted $0.51 EPS. Tapestry’s quarterly revenue was up 13.1% compared to the same quarter last year. Sell-side analysts anticipate that Tapestry, Inc. will post 3.46 EPS for the current fiscal year.
Tapestry declared that its Board of Directors has approved a share repurchase plan on Thursday, May 12th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the luxury accessories retailer to buy up to 18% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Tapestry Announces Dividend
The company 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 of this dividend was Thursday, June 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.93%. Tapestry’s payout ratio is currently 32.26%.
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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