Pacer Advisors Inc. Increases Position in Tapestry, Inc. (NYSE:TPR)

Pacer Advisors Inc. lifted its position in shares of Tapestry, Inc. (NYSE:TPR) by 53.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,020,625 shares of the luxury accessories retailer’s stock after purchasing an additional 2,087,586 shares during the period. Pacer Advisors Inc. owned about 2.62% of Tapestry worth $257,623,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Fidelis Capital Partners LLC acquired a new stake in Tapestry in the first quarter valued at $35,000. BNP Paribas acquired a new stake in shares of Tapestry during the 1st quarter worth about $38,000. Massmutual Trust Co. FSB ADV raised its position in shares of Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after acquiring an additional 328 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Tapestry by 3,778.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock worth $46,000 after purchasing an additional 1,209 shares during the last quarter. Finally, 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 purchasing an additional 556 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Ratings Changes

TPR has been the topic of a number of research analyst reports. Wells Fargo & Company cut their price objective 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. Citigroup cut their price target on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Evercore ISI decreased their price objective on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Argus reaffirmed a “buy” rating and set a $52.00 price objective on shares of Tapestry in a report on Tuesday, June 18th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a report on Thursday, August 15th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $47.07.

Tapestry Trading Down 0.6 %

NYSE:TPR opened at $42.57 on Friday. 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’s 50 day simple moving average is $40.56 and its 200-day simple moving average is $42.04. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $48.80. The firm has a market cap of $9.78 billion, a P/E ratio of 11.26, a PEG ratio of 1.55 and a beta of 1.54.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating 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%. Tapestry’s revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 EPS. Equities analysts anticipate that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Announces Dividend

The firm also recently disclosed 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 is Friday, September 6th. Tapestry’s dividend payout ratio is presently 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.