abrdn plc Sells 261 Shares of Tapestry, Inc. (NYSE:TPR)

abrdn plc cut its stake in shares of Tapestry, Inc. (NYSE:TPR) by 1.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,370 shares of the luxury accessories retailer’s stock after selling 261 shares during the period. abrdn plc’s holdings in Tapestry were worth $639,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in Tapestry by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 31,554,418 shares of the luxury accessories retailer’s stock worth $907,190,000 after buying an additional 173,111 shares during the period. FMR LLC lifted its holdings in shares of Tapestry by 2.0% during the third quarter. FMR LLC now owns 14,018,492 shares of the luxury accessories retailer’s stock worth $403,032,000 after purchasing an additional 280,959 shares during the period. Victory Capital Management Inc. grew its stake in shares of Tapestry by 4.7% in the third quarter. Victory Capital Management Inc. now owns 6,823,763 shares of the luxury accessories retailer’s stock worth $196,183,000 after purchasing an additional 305,658 shares during the last quarter. Ninety One UK Ltd increased its holdings in Tapestry by 12.7% in the fourth quarter. Ninety One UK Ltd now owns 5,321,308 shares of the luxury accessories retailer’s stock valued at $195,877,000 after purchasing an additional 597,715 shares during the period. Finally, Ameriprise Financial Inc. raised its position in Tapestry by 28.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 5,249,047 shares of the luxury accessories retailer’s stock worth $150,916,000 after purchasing an additional 1,154,808 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Trading Up 2.3 %

NYSE TPR opened at $40.96 on Tuesday. The stock has a market capitalization of $9.39 billion, a price-to-earnings ratio of 10.34, a PEG ratio of 0.82 and a beta of 1.57. The business’s fifty day moving average is $44.94 and its 200-day moving average is $38.16. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The firm had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same period in the previous year, the company earned $1.36 earnings per share. The company’s quarterly revenue was up 2.5% on a year-over-year basis. Equities research analysts predict that Tapestry, Inc. will post 4.23 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were paid a $0.35 dividend. The ex-dividend date was Thursday, March 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.42%. Tapestry’s payout ratio is presently 35.35%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research report on Wednesday, March 27th. Evercore ISI upgraded Tapestry from an “in-line” rating to an “outperform” rating and raised their target price for the company from $30.00 to $50.00 in a research note on Monday, February 5th. OTR Global reiterated a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. The Goldman Sachs Group raised their price objective on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Finally, Wells Fargo & Company increased their target price on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.81.

About Tapestry

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.