Swiss National Bank Decreases Position in Tapestry Inc (NYSE:TPR)

Swiss National Bank trimmed its position in Tapestry Inc (NYSE:TPR) by 16.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,136,473 shares of the luxury accessories retailer’s stock after selling 216,500 shares during the period. Swiss National Bank owned 0.39% of Tapestry worth $36,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. FMR LLC increased its position in shares of Tapestry by 100.4% in the 1st quarter. FMR LLC now owns 13,959,794 shares of the luxury accessories retailer’s stock valued at $453,553,000 after acquiring an additional 6,994,567 shares during the period. American Century Companies Inc. increased its position in shares of Tapestry by 4.7% in the 1st quarter. American Century Companies Inc. now owns 6,216,778 shares of the luxury accessories retailer’s stock valued at $201,983,000 after acquiring an additional 280,937 shares during the period. Geode Capital Management LLC increased its position in shares of Tapestry by 19.7% in the 4th quarter. Geode Capital Management LLC now owns 4,398,352 shares of the luxury accessories retailer’s stock valued at $148,221,000 after acquiring an additional 725,349 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Tapestry by 17.5% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,143,414 shares of the luxury accessories retailer’s stock valued at $134,620,000 after acquiring an additional 618,314 shares during the period. Finally, Ceredex Value Advisors LLC acquired a new position in shares of Tapestry in the 1st quarter valued at $69,401,000. 88.13% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms recently issued reports on TPR. OTR Global downgraded Tapestry to a “positive” rating in a research report on Tuesday, April 23rd. Bank of America set a $28.00 price target on Tapestry and gave the stock a “buy” rating in a research report on Friday, August 16th. KeyCorp cut their price target on Tapestry from $42.00 to $30.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. UBS Group set a $25.00 price target on Tapestry and gave the stock a “buy” rating in a research report on Friday, August 16th. Finally, Deutsche Bank set a $33.00 price target on Tapestry and gave the stock a “buy” rating in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have issued a buy rating to the stock. Tapestry presently has a consensus rating of “Buy” and an average price target of $35.88.

In related news, Director Darrell Cavens purchased 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were purchased at an average cost of $30.01 per share, with a total value of $210,070.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Annabelle Yu Long sold 3,229 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $28.93, for a total transaction of $93,414.97. The disclosure for this sale can be found here. 0.70% of the stock is owned by company insiders.

Shares of NYSE:TPR traded up $0.46 during trading on Wednesday, reaching $21.50. 47,507 shares of the company’s stock traded hands, compared to its average volume of 5,420,870. Tapestry Inc has a fifty-two week low of $18.54 and a fifty-two week high of $52.49. The company has a quick ratio of 1.94, a current ratio of 2.79 and a debt-to-equity ratio of 0.46. The firm has a market cap of $6.23 billion, a PE ratio of 8.37, a P/E/G ratio of 0.69 and a beta of 0.88. The company has a 50-day simple moving average of $28.43 and a 200-day simple moving average of $31.45.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.61. Tapestry had a return on equity of 21.64% and a net margin of 10.68%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period last year, the firm earned $0.60 EPS. The company’s quarterly revenue was up 2.0% on a year-over-year basis. On average, equities research analysts forecast that Tapestry Inc will post 2.61 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 6th will be given a dividend of $0.338 per share. The ex-dividend date is Thursday, September 5th. This is a boost from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 dividend on an annualized basis and a dividend yield of 6.29%. Tapestry’s dividend payout ratio (DPR) is 52.53%.

Tapestry Profile

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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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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