Valley Wealth Managers Inc. Purchases 8,833 Shares of Tapestry, Inc. (NYSE:TPR)

Valley Wealth Managers Inc. increased its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 2.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 425,105 shares of the luxury accessories retailer's stock after acquiring an additional 8,833 shares during the period. Tapestry comprises approximately 1.5% of Valley Wealth Managers Inc.'s investment portfolio, making the stock its 27th largest holding. Valley Wealth Managers Inc. owned 0.18% of Tapestry worth $19,971,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of TPR. Russell Investments Group Ltd. raised its holdings in Tapestry by 2.5% during the first quarter. Russell Investments Group Ltd. now owns 106,750 shares of the luxury accessories retailer's stock worth $5,068,000 after acquiring an additional 2,599 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Tapestry in the first quarter valued at approximately $360,000. State Board of Administration of Florida Retirement System lifted its position in shares of Tapestry by 6.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 279,772 shares of the luxury accessories retailer's stock valued at $13,284,000 after buying an additional 15,828 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Tapestry by 21.6% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 159,818 shares of the luxury accessories retailer's stock valued at $7,588,000 after buying an additional 28,355 shares during the last quarter. Finally, Blair William & Co. IL acquired a new stake in shares of Tapestry in the first quarter valued at approximately $216,000. Institutional investors own 90.77% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on TPR. JPMorgan Chase & Co. raised their price objective on Tapestry from $51.00 to $66.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. TD Cowen cut Tapestry from a "buy" rating to a "hold" rating and set a $52.00 price objective for the company. in a research report on Tuesday, October 29th. Guggenheim lifted their price target on Tapestry from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday. StockNews.com cut Tapestry from a "buy" rating to a "hold" rating in a report on Monday, October 28th. Finally, UBS Group dropped their price target on Tapestry from $42.00 to $40.00 and set a "neutral" rating for the company in a report on Friday, August 16th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $57.69.

Tapestry Trading Down 1.0 %

TPR traded down $0.59 during midday trading on Friday, hitting $57.23. 4,443,701 shares of the company were exchanged, compared to its average volume of 3,337,417. The firm has a market capitalization of $13.34 billion, a P/E ratio of 16.53, a P/E/G ratio of 1.78 and a beta of 1.53. Tapestry, Inc. has a 1-year low of $29.83 and a 1-year high of $58.49. The firm's 50 day moving average price is $46.21 and its 200-day moving average price is $42.83. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35.

Tapestry (NYSE:TPR - Get Free Report) last announced its 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 firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The business's quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.95 EPS. As a group, equities analysts forecast that Tapestry, Inc. will post 4.54 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Friday, December 6th. Tapestry's dividend payout ratio is 40.46%.

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.