Federated Hermes Inc. Boosts Stake in Tapestry, Inc. (NYSE:TPR)

Federated Hermes Inc. boosted its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 25.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 81,618 shares of the luxury accessories retailer's stock after buying an additional 16,387 shares during the period. Federated Hermes Inc.'s holdings in Tapestry were worth $3,492,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of TPR. Principal Securities Inc. acquired a new position in shares of Tapestry in the 4th quarter worth approximately $57,000. Envestnet Portfolio Solutions Inc. grew its stake in shares of Tapestry by 4.5% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 13,003 shares of the luxury accessories retailer's stock valued at $479,000 after buying an additional 564 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Tapestry by 35.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 23,110 shares of the luxury accessories retailer's stock valued at $851,000 after buying an additional 6,097 shares during the period. Quadrant Capital Group LLC boosted its holdings in Tapestry by 130.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,500 shares of the luxury accessories retailer's stock valued at $55,000 after acquiring an additional 848 shares during the period. Finally, Kingsview Wealth Management LLC acquired a new position in Tapestry in the 4th quarter valued at about $224,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Stock Performance

NYSE TPR traded down $0.49 during trading hours on Friday, hitting $42.33. The company had a trading volume of 1,027,855 shares, compared to its average volume of 3,245,585. The business has a 50 day moving average of $40.59 and a 200-day moving average of $42.07. The company has a market cap of $9.73 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 1.55 and a beta of 1.54. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.04. The firm had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business's revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 EPS. As a group, equities research analysts expect that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 3.31%. Tapestry's dividend payout ratio (DPR) is 37.04%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on TPR shares. Argus reaffirmed a "buy" rating and set a $52.00 target price on shares of Tapestry in a research note on Tuesday, June 18th. UBS Group cut their price objective on Tapestry from $42.00 to $40.00 and set a "neutral" rating on the stock in a research report on Friday, August 16th. Evercore ISI reduced their price objective on Tapestry from $53.00 to $47.00 and set an "outperform" rating on the stock in a research note on Friday, August 9th. JPMorgan Chase & Co. lowered their target price on Tapestry from $54.00 to $51.00 and set an "overweight" rating for the company in a research note 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 research report on Thursday, August 15th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Tapestry currently has a consensus rating of "Moderate Buy" and an average target price of $47.07.

Tapestry 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.