Westwood Holdings Group Inc. increased its stake in shares of Tapestry, Inc. (NYSE:TPR – Free Report) by 41.5% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 541,896 shares of the luxury accessories retailer’s stock after acquiring an additional 158,927 shares during the period. Westwood Holdings Group Inc. owned approximately 0.24% of Tapestry worth $23,188,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of TPR. Fidelis Capital Partners LLC acquired a new position in shares of Tapestry in the 1st quarter valued at approximately $35,000. BNP Paribas acquired a new position in shares of Tapestry in the 1st quarter valued at approximately $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 valued at $40,000 after purchasing an additional 328 shares in the last quarter. Blue Trust Inc. raised its position in shares of Tapestry by 111.9% in the 2nd 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. Finally, MUFG Securities EMEA plc raised its position in shares of Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after purchasing an additional 317 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.
Tapestry Trading Down 0.6 %
NYSE:TPR opened at $42.57 on Friday. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80. The stock has a market cap of $9.78 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 1.55 and a beta of 1.54. The business has a fifty day moving average of $40.56 and a 200-day moving average of $42.00. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14.
Tapestry Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.40 annualized dividend and a dividend yield of 3.29%. Tapestry’s payout ratio is 37.04%.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on TPR. UBS Group cut their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Wells Fargo & Company lowered their price target on Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Citigroup lowered their price target on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Argus reiterated a “buy” rating and issued a $52.00 price target on shares of Tapestry in a report on Tuesday, June 18th. Finally, Evercore ISI lowered their price target on Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, August 9th. 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 data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.
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