Envestnet Asset Management Inc. Grows Stake in Tapestry, Inc. (NYSE:TPR)

Envestnet Asset Management Inc. raised its holdings in Tapestry, Inc. (NYSE:TPR) by 14.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 512,739 shares of the luxury accessories retailer’s stock after buying an additional 62,802 shares during the quarter. Envestnet Asset Management Inc. owned about 0.22% of Tapestry worth $21,940,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Janney Montgomery Scott LLC increased its position in Tapestry by 35.8% during the 4th quarter. Janney Montgomery Scott LLC now owns 23,110 shares of the luxury accessories retailer’s stock valued at $851,000 after purchasing an additional 6,097 shares during the period. Quadrant Capital Group LLC increased its position in shares of Tapestry by 130.1% during the fourth quarter. Quadrant Capital Group LLC now owns 1,500 shares of the luxury accessories retailer’s stock valued at $55,000 after buying an additional 848 shares during the period. Norges Bank purchased a new stake in Tapestry in the fourth quarter worth about $79,352,000. Coldstream Capital Management Inc. bought a new stake in Tapestry during the 4th quarter valued at approximately $267,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Tapestry by 27.9% during the 4th quarter. Wells Fargo & Company MN now owns 399,372 shares of the luxury accessories retailer’s stock worth $14,701,000 after acquiring an additional 87,172 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TPR shares. Telsey Advisory Group restated an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research note on Thursday, August 15th. JPMorgan Chase & Co. reduced their target price on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Citigroup lowered their price target on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. UBS Group cut their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Finally, Argus reiterated a “buy” rating and set a $52.00 target price on shares of Tapestry in a report on Tuesday, June 18th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.07.

Tapestry Price Performance

TPR opened at $42.57 on Monday. The company’s 50-day simple moving average is $40.56 and its two-hundred day simple moving average is $41.96. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. The stock has a market capitalization of $9.78 billion, a P/E ratio of 11.26, a P/E/G ratio of 1.55 and a beta of 1.54. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $48.80.

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

Tapestry Announces Dividend

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

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.