abrdn plc Sells 3,318 Shares of Tapestry, Inc. (NYSE:TPR)

abrdn plc cut its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 8.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,809 shares of the luxury accessories retailer's stock after selling 3,318 shares during the quarter. abrdn plc's holdings in Tapestry were worth $2,346,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Trust Point Inc. acquired a new stake in shares of Tapestry in the fourth quarter worth $261,000. Valley National Advisers Inc. boosted its position in shares of Tapestry by 0.5% in the fourth quarter. Valley National Advisers Inc. now owns 43,355 shares of the luxury accessories retailer's stock worth $2,831,000 after buying an additional 202 shares during the period. Avantra Family Wealth Inc. acquired a new stake in shares of Tapestry in the fourth quarter worth $451,000. SYM FINANCIAL Corp boosted its position in shares of Tapestry by 7.5% in the fourth quarter. SYM FINANCIAL Corp now owns 7,717 shares of the luxury accessories retailer's stock worth $504,000 after buying an additional 536 shares during the period. Finally, Chicago Partners Investment Group LLC acquired a new stake in shares of Tapestry in the fourth quarter worth $398,000. 90.77% of the stock is owned by institutional investors.

Tapestry Stock Performance

TPR stock traded up $1.04 during trading on Friday, reaching $87.68. 4,819,117 shares of the stock were exchanged, compared to its average volume of 5,209,710. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $88.07. The company has a market capitalization of $18.15 billion, a P/E ratio of 25.41, a price-to-earnings-growth ratio of 2.30 and a beta of 1.58. The stock has a 50 day simple moving average of $70.11 and a 200-day simple moving average of $54.79. The company has a current ratio of 1.58, a quick ratio of 4.38 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping analysts' consensus estimates of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same quarter in the prior year, the firm earned $1.63 EPS. As a group, sell-side analysts anticipate that Tapestry, Inc. will post 4.7 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry's payout ratio is 40.58%.

Analysts Set New Price Targets

Several analysts recently issued reports on TPR shares. The Goldman Sachs Group increased their price objective on Tapestry from $72.00 to $98.00 and gave the stock a "buy" rating in a report on Friday, February 7th. BMO Capital Markets increased their price objective on Tapestry from $55.00 to $60.00 and gave the stock a "market perform" rating in a report on Monday, November 18th. Morgan Stanley reiterated an "equal weight" rating and set a $65.00 price objective on shares of Tapestry in a report on Tuesday, January 21st. Citigroup increased their price objective on Tapestry from $49.00 to $55.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Finally, Wells Fargo & Company increased their price objective on Tapestry from $75.00 to $90.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $74.78.

Tapestry Company 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.