New York State Common Retirement Fund Grows Holdings in Tapestry, Inc. (NYSE:TPR)
New York State Common Retirement Fund raised its position in Tapestry, Inc. (NYSE:TPR – Get Rating) by 0.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 375,322 shares of the luxury accessories retailer’s stock after buying an additional 3,196 shares during the period. New York State Common Retirement Fund owned about 0.14% of Tapestry worth $13,943,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TPR. National Bank of Canada FI purchased a new position in Tapestry in the fourth quarter valued at $78,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Tapestry in the fourth quarter valued at about $4,603,000. Yousif Capital Management LLC acquired a new stake in shares of Tapestry in the fourth quarter valued at about $1,840,000. CWM LLC acquired a new stake in shares of Tapestry in the fourth quarter valued at about $92,000. Finally, Qube Research & Technologies Ltd grew its position in shares of Tapestry by 38.1% in the fourth quarter. Qube Research & Technologies Ltd now owns 390,770 shares of the luxury accessories retailer’s stock valued at $15,865,000 after purchasing an additional 107,740 shares during the period. Hedge funds and other institutional investors own 89.75% of the company’s stock.
Tapestry Price Performance
Shares of TPR stock opened at $34.08 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.48 and a quick ratio of 0.95. The firm’s 50-day moving average is $32.71 and its two-hundred day moving average is $34.69. Tapestry, Inc. has a 12 month low of $26.39 and a 12 month high of $47.05. The company has a market capitalization of $8.58 billion, a PE ratio of 10.99, a price-to-earnings-growth ratio of 0.68 and a beta of 1.36.
Tapestry (NYSE:TPR – Get Rating) last issued its earnings results on Thursday, May 12th. The luxury accessories retailer reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.11. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.43 billion. Tapestry had a net margin of 12.99% and a return on equity of 32.07%. Tapestry’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.51 earnings per share. Analysts predict that Tapestry, Inc. will post 3.46 earnings per share for the current year.
Tapestry declared that its Board of Directors has approved a stock repurchase program on Thursday, May 12th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the luxury accessories retailer to repurchase up to 18% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
Tapestry Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 27th. Stockholders of record on Friday, June 3rd were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, June 2nd. This represents a $1.00 annualized dividend and a dividend yield of 2.93%. Tapestry’s dividend payout ratio is currently 32.26%.
Analyst Ratings Changes
Several analysts have recently issued reports on TPR shares. Credit Suisse Group dropped their target price on shares of Tapestry from $67.00 to $53.00 in a research report on Friday, May 13th. BTIG Research dropped their target price on shares of Tapestry from $53.00 to $48.00 and set a “buy” rating on the stock in a research report on Thursday, July 21st. Wells Fargo & Company dropped their target price on shares of Tapestry from $45.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, July 7th. Cowen dropped their target price on shares of Tapestry from $56.00 to $40.00 in a research report on Friday, May 13th. Finally, Cowen lowered their price target on shares of Tapestry from $56.00 to $40.00 in a research report on Friday, May 13th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.18.
Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers women's accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
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