Farther Finance Advisors LLC Trims Stock Position in Tapestry, Inc. (NYSE:TPR)

Farther Finance Advisors LLC trimmed its holdings in Tapestry, Inc. (NYSE:TPR) by 40.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 1,542 shares of the luxury accessories retailer’s stock after selling 1,060 shares during the period. Farther Finance Advisors LLC’s holdings in Tapestry were worth $72,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TPR. Capital Research Global Investors grew its holdings in shares of Tapestry by 8.5% during the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock worth $296,212,000 after purchasing an additional 489,933 shares during the period. Pacer Advisors Inc. increased its position in shares of Tapestry by 53.1% during the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after acquiring an additional 2,087,586 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Tapestry by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after acquiring an additional 165,406 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Tapestry by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after purchasing an additional 46,760 shares during the period. Finally, AQR Capital Management LLC increased its holdings in Tapestry by 235.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after purchasing an additional 1,051,743 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Price Performance

TPR stock opened at $51.18 on Wednesday. The company has a current ratio of 4.93, a quick ratio of 4.66 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $11.93 billion, a P/E ratio of 14.79, a PEG ratio of 1.94 and a beta of 1.53. The business has a 50 day simple moving average of $45.68 and a 200-day simple moving average of $42.67. Tapestry, Inc. has a twelve month low of $27.91 and a twelve month high of $52.76.

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, topping the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period last year, the firm posted $0.95 EPS. Tapestry’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, equities analysts anticipate that Tapestry, Inc. will post 4.54 EPS for the current year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s payout ratio is currently 40.46%.

Analysts Set New Price Targets

Several research firms have recently commented on TPR. JPMorgan Chase & Co. raised their price target on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Wells Fargo & Company lifted their target price on Tapestry from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Telsey Advisory Group reissued an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research report on Thursday, November 7th. Raymond James restated an “outperform” rating and issued a $57.00 price objective (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. Finally, Robert W. Baird raised their price target on shares of Tapestry from $53.00 to $58.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

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.