Tapestry, Inc. (NYSE:TPR) Shares Sold by Poplar Forest Capital LLC

Poplar Forest Capital LLC reduced its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 27.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 318,842 shares of the luxury accessories retailer's stock after selling 121,516 shares during the period. Tapestry makes up 1.9% of Poplar Forest Capital LLC's portfolio, making the stock its 27th biggest position. Poplar Forest Capital LLC owned approximately 0.14% of Tapestry worth $13,643,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently modified their holdings of the stock. Capital Research Global Investors lifted its stake in Tapestry by 8.5% during the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer's stock valued at $296,212,000 after acquiring an additional 489,933 shares during the period. Franklin Resources Inc. boosted its stake in shares of Tapestry by 0.9% in the fourth quarter. Franklin Resources Inc. now owns 5,954,829 shares of the luxury accessories retailer's stock worth $219,197,000 after acquiring an additional 54,647 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Tapestry by 4.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,305,257 shares of the luxury accessories retailer's stock worth $121,671,000 after purchasing an additional 140,347 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Tapestry during the 4th quarter worth approximately $102,531,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Tapestry by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer's stock valued at $116,928,000 after acquiring an additional 46,760 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Telsey Advisory Group reaffirmed an "outperform" rating and set a $54.00 price objective on shares of Tapestry in a research note on Thursday, August 15th. UBS Group reduced their target price on Tapestry from $42.00 to $40.00 and set a "neutral" rating on the stock in a research report on Friday, August 16th. StockNews.com raised Tapestry from a "hold" rating to a "buy" rating in a research report on Wednesday, August 7th. Wells Fargo & Company reduced their price objective on Tapestry from $52.00 to $50.00 and set an "overweight" rating for the company in a research note on Friday, August 16th. Finally, 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 report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and an average price target of $46.13.

Tapestry Stock Performance

Shares of NYSE TPR traded down $0.64 during mid-day trading on Friday, hitting $40.36. 2,294,222 shares of the company were exchanged, compared to its average volume of 3,305,260. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. The firm has a market cap of $9.27 billion, a price-to-earnings ratio of 10.68, a price-to-earnings-growth ratio of 1.52 and a beta of 1.54. The stock has a 50 day simple moving average of $40.40 and a 200-day simple moving average of $42.33. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The business's quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. On average, sell-side analysts forecast that Tapestry, Inc. will post 4.47 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.40 annualized dividend and a dividend yield of 3.47%. Tapestry's dividend payout ratio is currently 37.04%.

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.