Tapestry, Inc. (NYSE:TPR) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board reduced its position in Tapestry, Inc. (NYSE:TPR) by 96.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 10,300 shares of the luxury accessories retailer’s stock after selling 290,207 shares during the period. Canada Pension Plan Investment Board’s holdings in Tapestry were worth $441,000 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 purchased a new stake in Tapestry in the 1st quarter worth approximately $35,000. BNP Paribas purchased a new stake in Tapestry in the 1st quarter worth approximately $38,000. Massmutual Trust Co. FSB ADV grew its stake in 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 acquiring an additional 328 shares during the period. Blue Trust Inc. grew its stake in Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after acquiring an additional 556 shares during the period. Finally, MUFG Securities EMEA plc grew its stake in Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after acquiring an additional 317 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on TPR shares. Wells Fargo & Company lowered their price objective 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. JPMorgan Chase & Co. decreased their target price on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a research 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 research report on Thursday, August 15th. UBS Group decreased their target price 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, Evercore ISI decreased their target price on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.07.

Tapestry Stock Up 2.0 %

TPR stock opened at $47.93 on Friday. 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 $11.01 billion, a PE ratio of 12.68, a P/E/G ratio of 1.64 and a beta of 1.54. The firm has a 50 day simple moving average of $40.94 and a 200 day simple moving average of $42.00. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66.

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

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were given a $0.35 dividend. The ex-dividend date was Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.92%. Tapestry’s payout ratio is 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.