Eaton Vance Management lifted its stake in Tapestry Inc (NYSE:TPR) by 9.8% in the third quarter, HoldingsChannel.com reports. The fund owned 1,474,671 shares of the luxury accessories retailer’s stock after purchasing an additional 131,376 shares during the period. Eaton Vance Management’s holdings in Tapestry were worth $74,131,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of TPR. Stratos Wealth Partners LTD. bought a new stake in Tapestry during the third quarter valued at $145,000. Twin Tree Management LP boosted its stake in Tapestry by 128.9% during the second quarter. Twin Tree Management LP now owns 3,394 shares of the luxury accessories retailer’s stock valued at $159,000 after buying an additional 15,144 shares during the period. NEXT Financial Group Inc bought a new stake in Tapestry during the third quarter valued at $179,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Tapestry during the third quarter valued at $201,000. Finally, Bray Capital Advisors boosted its stake in Tapestry by 100.0% during the third quarter. Bray Capital Advisors now owns 4,000 shares of the luxury accessories retailer’s stock valued at $201,000 after buying an additional 2,000 shares during the period. 88.24% of the stock is owned by hedge funds and other institutional investors.
TPR has been the subject of several research analyst reports. Zacks Investment Research reissued a “buy” rating and set a $45.00 price objective on shares of Tapestry in a research note on Saturday, November 17th. Buckingham Research dropped their price objective on Tapestry from $53.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday, October 31st. Citigroup dropped their price objective on Tapestry from $55.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, October 31st. Barclays dropped their price objective on Tapestry from $55.00 to $51.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 31st. Finally, Nomura set a $50.00 price objective on Tapestry and gave the company a “buy” rating in a research note on Monday, November 26th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $53.07.
Tapestry (NYSE:TPR) last released its quarterly earnings data on Tuesday, October 30th. The luxury accessories retailer reported $0.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.35 billion. Tapestry had a return on equity of 24.73% and a net margin of 9.00%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 earnings per share. On average, analysts predict that Tapestry Inc will post 2.78 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be issued a $0.338 dividend. The ex-dividend date is Thursday, December 6th. This represents a $1.35 annualized dividend and a dividend yield of 3.47%. This is an increase from Tapestry’s previous quarterly dividend of $0.34. Tapestry’s payout ratio is currently 51.33%.
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Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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