BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its stake in shares of Tapestry Inc (NYSE:TPR) by 15.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 169,924 shares of the luxury accessories retailer’s stock after selling 30,608 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.06% of Tapestry worth $8,542,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Stratos Wealth Partners LTD. acquired a new stake in shares of Tapestry in the third quarter worth $145,000. Twin Tree Management LP increased its stake in shares of Tapestry by 128.9% in the second quarter. Twin Tree Management LP now owns 3,394 shares of the luxury accessories retailer’s stock worth $159,000 after acquiring an additional 15,144 shares during the period. NEXT Financial Group Inc acquired a new stake in shares of Tapestry in the third quarter worth $179,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Tapestry in the third quarter worth $201,000. Finally, Bray Capital Advisors increased its stake in shares of Tapestry by 100.0% in the third quarter. Bray Capital Advisors now owns 4,000 shares of the luxury accessories retailer’s stock worth $201,000 after acquiring an additional 2,000 shares during the period. Institutional investors and hedge funds own 89.26% of the company’s stock.
Shares of NYSE TPR opened at $35.34 on Friday. Tapestry Inc has a 1 year low of $35.16 and a 1 year high of $55.50. The firm has a market cap of $11.08 billion, a P/E ratio of 13.44, a PEG ratio of 1.22 and a beta of 0.62. The company has a current ratio of 2.74, a quick ratio of 1.83 and a debt-to-equity ratio of 0.48.
Tapestry (NYSE:TPR) last posted its quarterly earnings data on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.35 billion. Tapestry had a net margin of 9.00% and a return on equity of 24.73%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the firm posted $0.42 earnings per share. On average, research analysts anticipate that Tapestry Inc will post 2.78 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 7th will be issued a dividend of $0.338 per share. This represents a $1.35 annualized dividend and a yield of 3.83%. This is an increase from Tapestry’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, December 6th. Tapestry’s dividend payout ratio (DPR) is presently 51.33%.
TPR has been the topic of a number of research reports. Canaccord Genuity cut their price objective on shares of Tapestry to $55.00 and set a “buy” rating on the stock in a research note on Monday, August 13th. Loop Capital set a $59.00 price objective on shares of Tapestry and gave the stock a “buy” rating in a research note on Tuesday, August 14th. Wells Fargo & Co reiterated a “buy” rating on shares of Tapestry in a research note on Tuesday, August 14th. JPMorgan Chase & Co. increased their price objective on shares of Tapestry from $50.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 15th. Finally, Goldman Sachs Group set a $61.00 price objective on shares of Tapestry and gave the stock a “buy” rating in a research note on Wednesday, August 15th. 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. Tapestry presently has an average rating of “Buy” and an average target price of $53.07.
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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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