Maverick Capital Ltd. increased its position in Tapestry, Inc. (NYSE:TPR – Free Report) by 763.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 106,906 shares of the luxury accessories retailer’s stock after acquiring an additional 94,522 shares during the period. Maverick Capital Ltd.’s holdings in Tapestry were worth $4,609,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Tapestry by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 32,654,335 shares of the luxury accessories retailer’s stock valued at $1,213,109,000 after purchasing an additional 751,210 shares during the period. BlackRock Inc. boosted its stake in shares of Tapestry by 3.2% during the 1st quarter. BlackRock Inc. now owns 16,155,279 shares of the luxury accessories retailer’s stock worth $696,454,000 after acquiring an additional 505,189 shares during the last quarter. Franklin Resources Inc. lifted its position in Tapestry by 0.5% during the fourth quarter. Franklin Resources Inc. now owns 11,045,365 shares of the luxury accessories retailer’s stock valued at $420,608,000 after purchasing an additional 58,191 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Tapestry by 928.1% during the first quarter. Victory Capital Management Inc. now owns 5,627,890 shares of the luxury accessories retailer’s stock valued at $242,618,000 after purchasing an additional 5,080,468 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in Tapestry by 14.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,215,099 shares of the luxury accessories retailer’s stock worth $160,511,000 after buying an additional 544,424 shares in the last quarter. Hedge funds and other institutional investors own 92.12% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on TPR shares. UBS Group decreased their target price on shares of Tapestry from $44.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday. Barclays upgraded Tapestry from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $47.00 to $59.00 in a research report on Tuesday, August 1st. JPMorgan Chase & Co. upped their price target on Tapestry from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, August 18th. OTR Global lowered shares of Tapestry to a “positive” rating in a report on Wednesday, July 19th. Finally, Wells Fargo & Company decreased their price target on shares of Tapestry from $55.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.50.
Tapestry Trading Down 0.1 %
Shares of Tapestry stock traded down $0.04 during trading on Monday, hitting $31.85. The stock had a trading volume of 757,783 shares, compared to its average volume of 3,417,640. Tapestry, Inc. has a 12 month low of $27.53 and a 12 month high of $47.48. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.84 and a quick ratio of 1.12. The firm’s fifty day simple moving average is $38.75 and its 200-day simple moving average is $40.70. The stock has a market cap of $7.24 billion, a PE ratio of 8.22, a PEG ratio of 0.67 and a beta of 1.48.
Tapestry (NYSE:TPR – Get Free Report) last announced its quarterly earnings data on Thursday, August 17th. The luxury accessories retailer reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.02). The firm had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.65 billion. Tapestry had a return on equity of 41.10% and a net margin of 14.05%. The firm’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the previous year, the business earned $0.78 EPS. As a group, sell-side analysts expect that Tapestry, Inc. will post 4.13 EPS for the current fiscal year.
Tapestry Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Friday, September 8th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 4.40%. The ex-dividend date of this dividend is Thursday, September 7th. This is an increase from Tapestry’s previous quarterly dividend of $0.30. Tapestry’s dividend payout ratio is 36.08%.
Tapestry Company Profile
Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.
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