Tapestry, Inc. (NYSE:TPR) Shares Purchased by Raymond James & Associates

Raymond James & Associates increased its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 9.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 463,654 shares of the luxury accessories retailer's stock after purchasing an additional 38,927 shares during the quarter. Raymond James & Associates owned 0.20% of Tapestry worth $19,840,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Balyasny Asset Management L.P. acquired a new stake in shares of Tapestry in the 4th quarter worth $102,531,000. Capital Research Global Investors boosted its stake in Tapestry by 77.2% in the fourth quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer's stock valued at $211,611,000 after acquiring an additional 2,504,135 shares in the last quarter. Norges Bank acquired a new position in Tapestry during the fourth quarter worth approximately $79,352,000. Fiera Capital Corp acquired a new position in shares of Tapestry in the 4th quarter valued at $52,121,000. Finally, Clearbridge Investments LLC acquired a new stake in shares of Tapestry during the first quarter worth about $54,055,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Evercore ISI dropped their price target on shares of Tapestry from $53.00 to $47.00 and set an "outperform" rating on the stock in a research note on Friday, August 9th. Robert W. Baird decreased their price objective on Tapestry from $52.00 to $50.00 and set an "outperform" rating on the stock in a research note on Friday, May 10th. Telsey Advisory Group reiterated an "outperform" rating and issued a $54.00 price target on shares of Tapestry in a report on Thursday, August 15th. StockNews.com upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. dropped their price target on Tapestry from $54.00 to $51.00 and set an "overweight" rating for the company in a research note on Friday, August 16th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $47.00.

Tapestry Trading Up 3.7 %

NYSE:TPR traded up $1.49 during mid-day trading on Friday, hitting $41.66. The company had a trading volume of 2,471,823 shares, compared to its average volume of 3,335,706. The firm has a market cap of $9.57 billion, a P/E ratio of 11.02, a P/E/G ratio of 0.79 and a beta of 1.59. The business's fifty day moving average is $40.59 and its two-hundred day moving average is $42.56. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59. Tapestry, Inc. has a fifty-two week low of $25.99 and a fifty-two week high of $48.80.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period last year, the company earned $0.95 earnings per share. Tapestry's quarterly revenue was down 1.8% on a year-over-year basis. As a group, research analysts expect that Tapestry, Inc. will post 4.24 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend is Friday, September 6th. Tapestry's dividend payout ratio (DPR) is presently 37.04%.

About Tapestry

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.