Creative Planning Decreases Position in Tapestry, Inc. (NYSE:TPR)

Creative Planning decreased its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 59.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,778 shares of the luxury accessories retailer’s stock after selling 28,740 shares during the quarter. Creative Planning’s holdings in Tapestry were worth $929,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Bessemer Group Inc. lifted its stake in Tapestry by 1,328.8% in the first quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after buying an additional 28,038 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Tapestry during the second quarter worth approximately $3,718,000. Lazard Asset Management LLC raised its stake 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 worth $3,019,000 after purchasing an additional 54,679 shares during the last quarter. Clearbridge Investments LLC purchased a new stake in shares of Tapestry during the first quarter worth approximately $54,055,000. Finally, SG Americas Securities LLC raised its stake in shares of Tapestry by 174.8% during the first quarter. SG Americas Securities LLC now owns 95,076 shares of the luxury accessories retailer’s stock worth $4,514,000 after purchasing an additional 60,480 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TPR. TD Cowen cut Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research note on Tuesday. Citigroup upped their price target on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research note on Thursday, August 15th. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, Evercore ISI upped their price objective on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $51.75.

Tapestry Stock Down 1.0 %

Shares of NYSE:TPR opened at $46.97 on Friday. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. Tapestry, Inc. has a 52-week low of $26.95 and a 52-week high of $51.96. The stock’s fifty day simple moving average is $44.31 and its 200-day simple moving average is $42.13. The company has a market capitalization of $10.93 billion, a P/E ratio of 13.38, a P/E/G ratio of 1.80 and a beta of 1.53.

Tapestry (NYSE:TPR) last issued 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. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the business earned $0.95 earnings per share. The business’s revenue was down 1.8% on a year-over-year basis. As a group, equities research analysts forecast that Tapestry, Inc. will post 4.46 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 2.98%. Tapestry’s dividend payout ratio (DPR) is presently 39.89%.

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.