TIAA CREF Investment Management LLC boosted its stake in Tapestry Inc (NYSE:TPR) by 27.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,381,737 shares of the luxury accessories retailer’s stock after acquiring an additional 723,780 shares during the quarter. TIAA CREF Investment Management LLC owned about 1.17% of Tapestry worth $170,000,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. acquired a new stake in Tapestry in the third quarter worth $145,000. NEXT Financial Group Inc acquired a new position in shares of Tapestry during the third quarter valued at $179,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Tapestry during the third quarter valued at $201,000. Bray Capital Advisors increased its holdings in shares of Tapestry by 100.0% during the third quarter. Bray Capital Advisors now owns 4,000 shares of the luxury accessories retailer’s stock valued at $201,000 after purchasing an additional 2,000 shares during the period. Finally, Dodge & Cox acquired a new position in shares of Tapestry during the third quarter valued at $201,000. Hedge funds and other institutional investors own 88.96% of the company’s stock.
Several research analysts recently weighed in on TPR shares. Wells Fargo & Co set a $58.00 target price on Tapestry and gave the company a “buy” rating in a research note on Thursday, December 13th. Nomura set a $50.00 price objective on Tapestry and gave the stock a “buy” rating in a research note on Monday, November 26th. Loop Capital downgraded Tapestry from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $59.00 to $45.00 in a research note on Monday, October 15th. Atlantic Securities raised Tapestry from a “neutral” rating to an “overweight” rating in a research note on Wednesday, November 14th. Finally, Macquarie initiated coverage on Tapestry in a research note on Monday, November 12th. They issued a “neutral” rating and a $49.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-one have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $52.54.
TPR traded up $0.24 during trading on Friday, hitting $36.35. The company’s stock had a trading volume of 2,428,844 shares, compared to its average volume of 3,795,443. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.83 and a current ratio of 2.74. Tapestry Inc has a 12 month low of $32.03 and a 12 month high of $55.50. The company has a market cap of $10.72 billion, a price-to-earnings ratio of 13.82, a PEG ratio of 1.18 and a beta of 0.73.
Tapestry (NYSE:TPR) last issued its quarterly earnings data on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.03. Tapestry had a return on equity of 24.73% and a net margin of 9.00%. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the company posted $0.42 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, research analysts predict that Tapestry Inc will post 2.79 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, December 31st. Stockholders of record on Friday, December 7th were given a dividend of $0.338 per share. The ex-dividend date was Thursday, December 6th. This represents a $1.35 dividend on an annualized basis and a dividend yield of 3.72%. This is an increase from Tapestry’s previous quarterly dividend of $0.34. Tapestry’s payout ratio is presently 51.33%.
Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
Featured Story: How Do You Calculate Return on Investment (ROI)?
Receive News & Ratings for Tapestry Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Tapestry and related companies with MarketBeat.com’s FREE daily email newsletter.