DekaBank Deutsche Girozentrale Buys 1,631 Shares of Tapestry, Inc. (NYSE:TPR)

DekaBank Deutsche Girozentrale grew its stake in shares of Tapestry, Inc. (NYSE:TPR) by 16.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,273 shares of the luxury accessories retailer’s stock after acquiring an additional 1,631 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Tapestry were worth $464,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Balyasny Asset Management L.P. purchased a new stake in Tapestry during the 4th quarter valued at about $102,531,000. Capital Research Global Investors lifted its stake in shares of Tapestry by 77.2% in the fourth quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer’s stock worth $211,611,000 after buying an additional 2,504,135 shares in the last quarter. Norges Bank purchased a new stake in shares of Tapestry during the fourth quarter valued at approximately $79,352,000. Clearbridge Investments LLC bought a new stake in shares of Tapestry during the first quarter valued at approximately $54,055,000. Finally, Coronation Fund Managers Ltd. raised its holdings in Tapestry by 265.1% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after acquiring an additional 758,539 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Tapestry Trading Down 0.6 %

Shares of TPR stock opened at $42.57 on Friday. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80. The firm has a fifty day moving average price of $40.59 and a 200-day moving average price of $42.07. The company has a market cap of $9.78 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 1.55 and a beta of 1.54. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66.

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

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.29%. The ex-dividend date is Friday, September 6th. Tapestry’s dividend payout ratio is currently 37.04%.

Wall Street Analyst Weigh In

Several analysts have commented on TPR shares. JPMorgan Chase & Co. cut their target price on Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research report on Thursday, August 15th. Citigroup reduced their price objective on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Evercore ISI lowered their target price on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Finally, Argus reiterated a “buy” rating and issued a $52.00 price target on shares of Tapestry in a research note on Tuesday, June 18th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.07.

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.