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

Valley Wealth Managers Inc. lifted its position in Tapestry, Inc. (NYSE:TPR) by 2.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 425,105 shares of the luxury accessories retailer’s stock after acquiring an additional 8,833 shares during the quarter. Tapestry accounts for about 1.5% of Valley Wealth Managers Inc.’s investment portfolio, making the stock its 27th largest holding. Valley Wealth Managers Inc.’s holdings in Tapestry were worth $19,971,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Waldron Private Wealth LLC bought a new stake in Tapestry during the third quarter worth approximately $25,000. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Tapestry by 54.0% in the second 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 during the period. Blue Trust Inc. boosted its holdings in shares of Tapestry by 111.9% in the second 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. MUFG Securities EMEA plc lifted its holdings in Tapestry by 34.9% during the second 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 during the period. Finally, Chilton Capital Management LLC purchased a new stake in Tapestry during the second quarter worth $53,000. 90.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a report on Tuesday, October 29th. Robert W. Baird upped their target price on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday. Wells Fargo & Company upped their price target on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. The Goldman Sachs Group upped their price target on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Citigroup upped their price target on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.20.

Tapestry Price Performance

TPR traded up $0.08 during trading on Friday, hitting $57.90. The company’s stock had a trading volume of 420,651 shares, compared to its average volume of 3,319,290. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. Tapestry, Inc. has a twelve month low of $29.83 and a twelve month high of $58.49. The business’s fifty day simple moving average is $46.21 and its 200 day simple moving average is $42.83. The firm has a market capitalization of $13.49 billion, a price-to-earnings ratio of 16.65, a P/E/G ratio of 1.78 and a beta of 1.53.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the company earned $0.95 earnings per share. Tapestry’s quarterly revenue was down 1.8% compared to the same quarter last year. On average, equities research analysts forecast that Tapestry, Inc. will post 4.54 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.42%. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

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.