Abich Financial Wealth Management LLC Makes New $69,000 Investment in Tapestry, Inc. (NYSE:TPR)

Abich Financial Wealth Management LLC purchased a new stake in Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,623 shares of the luxury accessories retailer’s stock, valued at approximately $69,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Fidelis Capital Partners LLC acquired a new position in Tapestry during the first quarter worth approximately $35,000. BNP Paribas acquired a new stake in shares of Tapestry during the 1st quarter worth $38,000. Massmutual Trust Co. FSB ADV raised its position in shares of Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 shares during the period. Blue Trust Inc. boosted its holdings in 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 acquiring an additional 556 shares during the last quarter. Finally, MUFG Securities EMEA plc grew its position 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 valued at $52,000 after acquiring an additional 317 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective 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 reiterated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research note on Thursday, August 15th. Wells Fargo & Company cut their target price on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. UBS Group decreased their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Finally, Citigroup cut their price objective on Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $47.07.

Tapestry Stock Performance

Tapestry stock opened at $45.39 on Wednesday. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week 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 stock has a market cap of $10.45 billion, a P/E ratio of 12.01, a price-to-earnings-growth ratio of 1.64 and a beta of 1.54. The stock has a 50 day moving average of $40.64 and a 200-day moving average of $41.93.

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

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s payout ratio is currently 37.04%.

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.