AMP Capital Investors Ltd Reduces Stake in Tapestry Inc (TPR)

AMP Capital Investors Ltd lessened its holdings in shares of Tapestry Inc (NYSE:TPR) by 6.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 148,276 shares of the luxury accessories retailer’s stock after selling 10,507 shares during the period. AMP Capital Investors Ltd owned 0.05% of Tapestry worth $7,436,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in TPR. Aperio Group LLC raised its position in shares of Tapestry by 9.4% in the 3rd quarter. Aperio Group LLC now owns 182,408 shares of the luxury accessories retailer’s stock worth $9,170,000 after purchasing an additional 15,620 shares during the last quarter. Itau Unibanco Holding S.A. raised its position in shares of Tapestry by 263.6% in the 2nd quarter. Itau Unibanco Holding S.A. now owns 6,418 shares of the luxury accessories retailer’s stock worth $299,000 after purchasing an additional 4,653 shares during the last quarter. Korea Investment CORP raised its position in shares of Tapestry by 4.4% in the 2nd quarter. Korea Investment CORP now owns 145,701 shares of the luxury accessories retailer’s stock worth $6,806,000 after purchasing an additional 6,200 shares during the last quarter. Heritage Trust Co raised its position in shares of Tapestry by 2.4% in the 2nd quarter. Heritage Trust Co now owns 53,122 shares of the luxury accessories retailer’s stock worth $2,481,000 after purchasing an additional 1,269 shares during the last quarter. Finally, Putnam Investments LLC purchased a new position in shares of Tapestry in the 2nd quarter worth about $2,648,000. Hedge funds and other institutional investors own 89.26% of the company’s stock.

TPR has been the subject of several recent analyst reports. ValuEngine raised Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday, August 15th. Bank of America lifted their price target on Tapestry from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, August 15th. Royal Bank of Canada set a $58.00 price target on Tapestry and gave the stock a “buy” rating in a research report on Wednesday, August 15th. Goldman Sachs Group set a $61.00 price target on Tapestry and gave the stock a “buy” rating in a research report on Wednesday, August 15th. Finally, Wells Fargo & Co reaffirmed a “buy” rating on shares of Tapestry in a research report on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty have issued a buy rating to the company’s stock. Tapestry currently has a consensus rating of “Buy” and a consensus target price of $53.07.

Shares of NYSE:TPR opened at $35.34 on Friday. Tapestry Inc has a fifty-two week low of $35.16 and a fifty-two week high of $55.50. The company has a quick ratio of 1.83, a current ratio of 2.74 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $11.08 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 1.22 and a beta of 0.62.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.03. Tapestry had a net margin of 9.00% and a return on equity of 24.73%. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. Sell-side analysts forecast that Tapestry Inc will post 2.78 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be given a dividend of $0.338 per share. The ex-dividend date is Thursday, December 6th. This represents a $1.35 annualized dividend and a dividend yield of 3.83%. This is a positive change from Tapestry’s previous quarterly dividend of $0.34. Tapestry’s dividend payout ratio is presently 51.33%.

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Tapestry Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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