Maverick Capital Ltd. Has $4.50 Million Stake in Tapestry, Inc. (NYSE:TPR)

Maverick Capital Ltd. lifted its stake in shares of Tapestry, Inc. (NYSE:TPR) by 243.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 105,150 shares of the luxury accessories retailer’s stock after acquiring an additional 74,552 shares during the period. Maverick Capital Ltd.’s holdings in Tapestry were worth $4,499,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Bessemer Group Inc. raised its holdings in shares of Tapestry by 1,328.8% during the first quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after purchasing an additional 28,038 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Tapestry by 41.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,272,950 shares of the luxury accessories retailer’s stock worth $46,857,000 after acquiring an additional 371,724 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in Tapestry in the second quarter valued at approximately $3,718,000. Lazard Asset Management LLC increased its holdings in shares of Tapestry by 611.8% during the first quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock valued at $3,019,000 after acquiring an additional 54,679 shares in the last quarter. Finally, Clearbridge Investments LLC acquired a new position in shares of Tapestry during the first quarter worth approximately $54,055,000. 90.77% of the stock is owned by institutional investors.

Tapestry Trading Up 2.8 %

Shares of Tapestry stock opened at $47.00 on Friday. The firm has a market cap of $10.80 billion, a PE ratio of 12.43, a P/E/G ratio of 1.64 and a beta of 1.54. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The stock has a fifty day moving average price of $40.81 and a 200-day moving average price of $41.99.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. The business had revenue of $1.59 billion during 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 quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.95 earnings per share. Equities research analysts anticipate that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were paid a $0.35 dividend. The ex-dividend date was Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 2.98%. Tapestry’s payout ratio is 37.04%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TPR. Wells Fargo & Company decreased their price target on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. 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 report on Friday, August 9th. Citigroup dropped their price target on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. JPMorgan Chase & Co. decreased their price objective on Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Finally, UBS Group dropped their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.07.

Tapestry Company 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.