Swiss National Bank Sells 58,100 Shares of Tapestry, Inc. (NYSE:TPR)

Swiss National Bank lessened its stake in Tapestry, Inc. (NYSE:TPR) by 11.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 451,500 shares of the luxury accessories retailer’s stock after selling 58,100 shares during the period. Swiss National Bank owned about 0.20% of Tapestry worth $16,620,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of TPR. Raleigh Capital Management Inc. boosted its position in Tapestry by 5.7% during the 3rd quarter. Raleigh Capital Management Inc. now owns 5,463 shares of the luxury accessories retailer’s stock valued at $157,000 after buying an additional 297 shares during the period. Treasurer of the State of North Carolina grew its stake in shares of Tapestry by 0.3% in the third quarter. Treasurer of the State of North Carolina now owns 109,837 shares of the luxury accessories retailer’s stock worth $3,158,000 after purchasing an additional 353 shares during the last quarter. Sowell Financial Services LLC increased its holdings in Tapestry by 2.1% during the 3rd quarter. Sowell Financial Services LLC now owns 18,348 shares of the luxury accessories retailer’s stock valued at $527,000 after purchasing an additional 381 shares during the period. AllSquare Wealth Management LLC raised its position in Tapestry by 35.1% during the 3rd quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock valued at $47,000 after purchasing an additional 423 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings in Tapestry by 23.1% in the 4th quarter. Federated Hermes Inc. now owns 2,648 shares of the luxury accessories retailer’s stock worth $97,000 after buying an additional 497 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of research analyst reports. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Raymond James boosted their price target on shares of Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a research note on Thursday. Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $30.00 to $50.00 in a research report on Monday, February 5th. 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 research report on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.82.

Tapestry Stock Performance

Shares of Tapestry stock opened at $40.37 on Friday. The company has a 50 day moving average price of $43.64 and a 200 day moving average price of $38.64. The firm has a market capitalization of $9.26 billion, a P/E ratio of 10.19, a PEG ratio of 0.81 and a beta of 1.61. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.14. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.50 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. Tapestry’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period last year, the firm posted $0.78 EPS. Sell-side analysts expect that Tapestry, Inc. will post 4.23 EPS for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 24th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.47%. Tapestry’s payout ratio is currently 35.35%.

Tapestry 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.