Essex Financial Services Inc. bought a new position in Tapestry, Inc. (NYSE:TPR - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 3,267 shares of the luxury accessories retailer's stock, valued at approximately $213,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Exchange Traded Concepts LLC boosted its stake in Tapestry by 102.7% in the 3rd quarter. Exchange Traded Concepts LLC now owns 17,680 shares of the luxury accessories retailer's stock worth $831,000 after purchasing an additional 8,958 shares during the period. Vontobel Holding Ltd. lifted its holdings in shares of Tapestry by 4.4% in the third quarter. Vontobel Holding Ltd. now owns 18,646 shares of the luxury accessories retailer's stock valued at $876,000 after purchasing an additional 789 shares in the last quarter. Bleakley Financial Group LLC acquired a new stake in shares of Tapestry in the third quarter worth $220,000. Secure Asset Management LLC grew its holdings in shares of Tapestry by 20.5% during the third quarter. Secure Asset Management LLC now owns 36,892 shares of the luxury accessories retailer's stock valued at $1,733,000 after buying an additional 6,282 shares in the last quarter. Finally, V Square Quantitative Management LLC raised its position in Tapestry by 6.2% during the third quarter. V Square Quantitative Management LLC now owns 6,142 shares of the luxury accessories retailer's stock valued at $289,000 after buying an additional 357 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages have commented on TPR. Morgan Stanley restated an "equal weight" rating and set a $65.00 price objective on shares of Tapestry in a research report on Tuesday, January 21st. TD Cowen downgraded shares of Tapestry from a "buy" rating to a "hold" rating and set a $52.00 price objective on the stock. in a research report on Tuesday, October 29th. Raymond James reiterated an "outperform" rating and issued a $88.00 price objective (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Barclays lifted their target price on shares of Tapestry from $87.00 to $100.00 and gave the company an "overweight" rating in a research note on Friday, February 7th. Finally, UBS Group upped their price target on shares of Tapestry from $70.00 to $80.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $74.78.
Check Out Our Latest Research Report on Tapestry
Tapestry Stock Performance
TPR stock traded up $1.04 during midday trading on Monday, hitting $87.68. 4,819,117 shares of the company traded hands, compared to its average volume of 4,970,739. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $88.07. The stock has a market capitalization of $20.43 billion, a price-to-earnings ratio of 25.41, a price-to-earnings-growth ratio of 2.30 and a beta of 1.58. The company has a quick ratio of 4.38, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The business has a 50 day simple moving average of $70.61 and a 200-day simple moving average of $55.34.
Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period last year, the firm posted $1.63 EPS. As a group, equities research analysts predict that Tapestry, Inc. will post 4.7 earnings per share for the current year.
Tapestry Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be paid a $0.35 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.60%. Tapestry's payout ratio is presently 40.58%.
About Tapestry
(
Free Report)
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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