Oppenheimer Asset Management Inc. Lowers Stock Position in Tapestry, Inc. (NYSE:TPR)

Oppenheimer Asset Management Inc. cut its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 21.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 88,219 shares of the luxury accessories retailer's stock after selling 24,773 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Tapestry were worth $3,775,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Fidelis Capital Partners LLC purchased a new stake in Tapestry in the first quarter worth about $35,000. BNP Paribas bought a new position in shares of Tapestry during the first quarter valued at approximately $38,000. Massmutual Trust Co. FSB ADV increased its holdings in Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer's stock valued at $40,000 after buying an additional 328 shares during the period. EverSource Wealth Advisors LLC raised its stake in Tapestry by 3,778.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer's stock worth $46,000 after buying an additional 1,209 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer's stock worth $50,000 after buying an additional 556 shares during the period. Institutional investors own 90.77% of the company's stock.

Tapestry Stock Performance

Shares of NYSE:TPR traded up $0.02 during trading on Tuesday, hitting $43.28. The stock had a trading volume of 1,655,807 shares, compared to its average volume of 3,269,418. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $48.80. The stock has a market capitalization of $9.94 billion, a price-to-earnings ratio of 11.46, a price-to-earnings-growth ratio of 1.55 and a beta of 1.54. The stock has a 50-day simple moving average of $40.55 and a two-hundred day simple moving average of $42.08.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results 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. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. Tapestry's revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period last year, the firm posted $0.95 EPS. On average, equities research analysts expect that Tapestry, Inc. will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced 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. This represents a $1.40 annualized dividend and a yield of 3.23%. The ex-dividend date is Friday, September 6th. Tapestry's dividend payout ratio (DPR) is 37.04%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TPR shares. 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. JPMorgan Chase & Co. decreased their price target on shares of Tapestry from $54.00 to $51.00 and set an "overweight" rating for the company in a research report on Friday, August 16th. Evercore ISI cut their price objective 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. Argus reissued a "buy" rating and set a $52.00 target price on shares of Tapestry in a research report on Tuesday, June 18th. Finally, UBS Group lowered their target price on shares of Tapestry from $42.00 to $40.00 and set a "neutral" rating for the company in a research note on Friday, August 16th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.07.

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.