National Bank of Canada FI lifted its position in Tapestry, Inc. (NYSE:TPR – Get Rating) by 2,507.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 50,264 shares of the luxury accessories retailer’s stock after purchasing an additional 48,336 shares during the quarter. National Bank of Canada FI’s holdings in Tapestry were worth $1,868,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in TPR. State Street Corp grew its stake in Tapestry by 5.0% during the fourth quarter. State Street Corp now owns 10,808,751 shares of the luxury accessories retailer’s stock worth $438,835,000 after buying an additional 518,261 shares during the last quarter. Geode Capital Management LLC increased its holdings in Tapestry by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 5,284,345 shares of the luxury accessories retailer’s stock valued at $214,233,000 after purchasing an additional 329,395 shares in the last quarter. American Century Companies Inc. raised its position in Tapestry by 11.1% in the 4th quarter. American Century Companies Inc. now owns 3,895,067 shares of the luxury accessories retailer’s stock valued at $158,139,000 after purchasing an additional 388,328 shares during the last quarter. Northern Trust Corp boosted its stake in Tapestry by 22.6% in the fourth quarter. Northern Trust Corp now owns 3,130,989 shares of the luxury accessories retailer’s stock worth $127,117,000 after purchasing an additional 576,936 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Tapestry by 3.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,912,113 shares of the luxury accessories retailer’s stock worth $118,232,000 after purchasing an additional 98,947 shares during the last quarter. Institutional investors and hedge funds own 89.75% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on the company. Barclays cut their price target on Tapestry from $53.00 to $39.00 and set a “na” rating for the company in a report on Monday, May 16th. BTIG Research decreased their price target on shares of Tapestry from $53.00 to $48.00 and set a “buy” rating on the stock in a research note on Thursday, July 21st. Wells Fargo & Company reduced their price objective on Tapestry from $45.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, July 7th. Credit Suisse Group decreased their price objective on Tapestry from $67.00 to $53.00 in a research report on Friday, May 13th. Finally, UBS Group decreased their price target on Tapestry from $36.00 to $31.00 in a report on Friday, July 15th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and an average price target of $46.18.
Tapestry Stock Up 0.6 %
Tapestry (NYSE:TPR – Get Rating) last released its quarterly earnings results on Thursday, May 12th. The luxury accessories retailer reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.11. Tapestry had a return on equity of 32.07% and a net margin of 12.99%. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the firm posted $0.51 EPS. The business’s revenue was up 13.1% on a year-over-year basis. On average, sell-side analysts anticipate that Tapestry, Inc. will post 3.46 earnings per share for the current fiscal year.
Tapestry declared that its board has approved a stock repurchase plan on Thursday, May 12th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the luxury accessories retailer to buy up to 18% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
Tapestry Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, June 27th. Investors of record on Friday, June 3rd were paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, June 2nd. This represents a $1.00 annualized dividend and a yield of 2.93%. Tapestry’s dividend payout ratio (DPR) is currently 32.26%.
Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers women's accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
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