Samlyn Capital LLC Sells 94,533 Shares of Tapestry, Inc. (NYSE:TPR)

Samlyn Capital LLC lessened its stake in shares of Tapestry, Inc. (NYSE:TPR) by 8.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,016,554 shares of the luxury accessories retailer’s stock after selling 94,533 shares during the quarter. Samlyn Capital LLC owned approximately 0.44% of Tapestry worth $43,498,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TPR. Balyasny Asset Management L.P. bought a new stake in shares of Tapestry during the fourth quarter worth $102,531,000. Capital Research Global Investors lifted its holdings in shares of Tapestry by 77.2% during 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 purchasing an additional 2,504,135 shares during the period. Norges Bank acquired a new position in shares of Tapestry during the fourth quarter worth $79,352,000. Pacer Advisors Inc. lifted its holdings in shares of Tapestry by 53.1% during the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after purchasing an additional 2,087,586 shares during the period. Finally, Clearbridge Investments LLC acquired a new position in shares of Tapestry during the first quarter worth $54,055,000. Institutional investors own 90.77% of the company’s stock.

Tapestry Trading Up 3.6 %

TPR opened at $44.12 on Tuesday. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The company has a market cap of $10.14 billion, a P/E ratio of 11.67, a price-to-earnings-growth ratio of 1.55 and a beta of 1.54. The company has a fifty day moving average price of $40.59 and a two-hundred day moving average price of $41.94.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The business’s revenue was down 1.8% compared to the same quarter last year. Analysts predict that Tapestry, Inc. will post 4.47 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Friday, September 6th. Tapestry’s payout ratio is presently 37.04%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wells Fargo & Company cut their price target on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday, September 17th. UBS Group cut their price target 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. Telsey Advisory Group restated an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a report on Thursday, August 15th. Finally, Evercore ISI dropped their target price on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.07.

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.