Tapestry, Inc. (NYSE:TPR) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its holdings in shares of Tapestry, Inc. (NYSE:TPR – Get Rating) by 3.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 550,219 shares of the luxury accessories retailer’s stock after selling 17,386 shares during the period. Victory Capital Management Inc.’s holdings in Tapestry were worth $21,080,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of TPR. MetLife Investment Management LLC grew its stake in Tapestry by 20.1% during the 1st quarter. MetLife Investment Management LLC now owns 73,011 shares of the luxury accessories retailer’s stock valued at $2,712,000 after purchasing an additional 12,222 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Tapestry by 2.3% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,323 shares of the luxury accessories retailer’s stock worth $1,312,000 after purchasing an additional 788 shares during the last quarter. Great West Life Assurance Co. Can lifted its holdings in shares of Tapestry by 1.9% in the 1st quarter. Great West Life Assurance Co. Can now owns 56,357 shares of the luxury accessories retailer’s stock worth $2,176,000 after purchasing an additional 1,045 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Tapestry by 34.5% in the 1st quarter. Sei Investments Co. now owns 435,569 shares of the luxury accessories retailer’s stock worth $16,189,000 after purchasing an additional 111,610 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Tapestry by 955.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock worth $41,000 after purchasing an additional 994 shares during the last quarter. Institutional investors and hedge funds own 92.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TPR. UBS Group cut their price target on Tapestry from $44.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, March 29th. StockNews.com assumed coverage on Tapestry in a research note on Thursday. They set a “buy” rating on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $41.00 target price (up previously from $36.00) on shares of Tapestry in a research note on Friday, February 10th. The Goldman Sachs Group lifted their target price on Tapestry from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, February 10th. Finally, Barclays lifted their price target on Tapestry from $45.00 to $47.00 in a research report on Friday, May 12th. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and an average price target of $48.29.

Tapestry Price Performance

Shares of TPR opened at $43.00 on Monday. The company has a market capitalization of $9.97 billion, a price-to-earnings ratio of 11.68, a P/E/G ratio of 0.91 and a beta of 1.44. Tapestry, Inc. has a fifty-two week low of $27.53 and a fifty-two week high of $47.48. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.94 and a quick ratio of 1.12. The business’s 50-day moving average is $41.06 and its 200-day moving average is $40.39.

Tapestry (NYSE:TPR – Get Rating) last issued its earnings results on Thursday, May 11th. The luxury accessories retailer reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.19. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.44 billion. Tapestry had a return on equity of 39.88% and a net margin of 13.51%. During the same quarter in the prior year, the company earned $0.51 EPS. Equities research analysts expect that Tapestry, Inc. will post 3.88 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 26th. Investors of record on Friday, June 9th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $1.20 dividend on an annualized basis and a yield of 2.79%. Tapestry’s dividend payout ratio is currently 32.61%.

Tapestry Profile

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Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade and Stuart Weitzman. The Coach segment consists of global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.