Valley Wealth Managers Inc. Has $17.81 Million Position in Tapestry, Inc. (NYSE:TPR)

Valley Wealth Managers Inc. trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 3.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 416,272 shares of the luxury accessories retailer's stock after selling 13,327 shares during the period. Tapestry makes up approximately 1.4% of Valley Wealth Managers Inc.'s investment portfolio, making the stock its 29th largest holding. Valley Wealth Managers Inc. owned 0.18% of Tapestry worth $17,812,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fidelis Capital Partners LLC acquired a new stake in shares of Tapestry in the 1st quarter worth approximately $35,000. BNP Paribas acquired a new stake in Tapestry in the first quarter worth approximately $38,000. Massmutual Trust Co. FSB ADV boosted its stake in Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer's stock valued at $40,000 after purchasing an additional 328 shares in the last quarter. Blue Trust Inc. increased its position in shares of Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer's stock valued at $50,000 after purchasing an additional 556 shares during the period. Finally, MUFG Securities EMEA plc raised its stake in shares of Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer's stock worth $52,000 after buying an additional 317 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Tapestry Stock Up 1.7 %

Tapestry stock traded up $0.72 during mid-day trading on Friday, hitting $42.76. The company's stock had a trading volume of 1,949,420 shares, compared to its average volume of 3,285,002. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $48.80. The company has a market cap of $9.84 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 1.55 and a beta of 1.54. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The firm's 50 day moving average is $40.47 and its 200 day moving average is $42.22.

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

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.40 annualized dividend and a dividend yield of 3.27%. Tapestry's dividend payout ratio is 37.04%.

Analyst Ratings Changes

TPR has been the subject of several research reports. UBS Group decreased their target price on Tapestry from $42.00 to $40.00 and set a "neutral" rating for the company in a research note on Friday, August 16th. StockNews.com raised shares of Tapestry from a "hold" rating to a "buy" rating in a research note on Wednesday, August 7th. Argus reiterated a "buy" rating and issued a $52.00 target price on shares of Tapestry in a report on Tuesday, June 18th. JPMorgan Chase & Co. reduced their target price on shares of Tapestry from $54.00 to $51.00 and set an "overweight" rating for the company in a report on Friday, August 16th. Finally, Telsey Advisory Group reaffirmed an "outperform" rating and issued a $54.00 price target on shares of Tapestry in a report on Thursday, August 15th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Tapestry presently has an average rating of "Moderate Buy" and an average price target of $46.13.

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.