Cullinan Associates Inc. increased its position in shares of Tapestry Inc (NYSE:TPR) by 2.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 99,400 shares of the luxury accessories retailer’s stock after purchasing an additional 2,100 shares during the quarter. Cullinan Associates Inc.’s holdings in Tapestry were worth $3,355,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of TPR. Aperio Group LLC lifted its holdings in shares of Tapestry by 9.4% in the third quarter. Aperio Group LLC now owns 182,408 shares of the luxury accessories retailer’s stock worth $9,170,000 after acquiring an additional 15,620 shares during the last quarter. Stevens Capital Management LP bought a new position in Tapestry in the 3rd quarter valued at approximately $5,681,000. Stratos Wealth Partners LTD. bought a new position in Tapestry in the 3rd quarter valued at approximately $145,000. Paradigm Asset Management Co. LLC raised its holdings in Tapestry by 7.2% in the 3rd quarter. Paradigm Asset Management Co. LLC now owns 10,400 shares of the luxury accessories retailer’s stock valued at $523,000 after buying an additional 700 shares during the last quarter. Finally, Heritage Trust Co raised its holdings in Tapestry by 2.4% in the 2nd quarter. Heritage Trust Co now owns 53,122 shares of the luxury accessories retailer’s stock valued at $2,481,000 after buying an additional 1,269 shares during the last quarter. 88.96% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently issued reports on TPR. Wells Fargo & Co set a $58.00 price objective on shares of Tapestry and gave the company a “buy” rating in a report on Thursday, December 13th. Nomura set a $50.00 price objective on shares of Tapestry and gave the company a “buy” rating in a report on Monday, November 26th. Loop Capital lowered shares of Tapestry from a “buy” rating to a “hold” rating and dropped their price objective for the company from $59.00 to $45.00 in a report on Monday, October 15th. Atlantic Securities upgraded shares of Tapestry from a “neutral” rating to an “overweight” rating in a report on Wednesday, November 14th. Finally, Macquarie began coverage on shares of Tapestry in a report on Monday, November 12th. They issued a “neutral” rating and a $49.00 price objective for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-one have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $52.54.
Tapestry (NYSE:TPR) last released its earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.03. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.35 billion. Tapestry had a net margin of 9.00% and a return on equity of 24.73%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.42 EPS. On average, sell-side analysts expect that Tapestry Inc will post 2.79 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 31st. Stockholders of record on Friday, December 7th were given a dividend of $0.338 per share. This is an increase from Tapestry’s previous quarterly dividend of $0.34. The ex-dividend date was Thursday, December 6th. This represents a $1.35 annualized dividend and a dividend yield of 3.72%. Tapestry’s dividend payout ratio (DPR) is 51.33%.
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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