Empowered Funds LLC increased its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 972.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 203,491 shares of the luxury accessories retailer's stock after buying an additional 184,519 shares during the quarter. Empowered Funds LLC owned 0.09% of Tapestry worth $9,560,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in the business. CIBC Asset Management Inc boosted its stake in shares of Tapestry by 8.2% during the 3rd quarter. CIBC Asset Management Inc now owns 32,325 shares of the luxury accessories retailer's stock worth $1,519,000 after acquiring an additional 2,448 shares during the last quarter. OneDigital Investment Advisors LLC lifted its position in Tapestry by 3.0% during the third quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer's stock valued at $353,000 after purchasing an additional 218 shares in the last quarter. ING Groep NV grew its holdings in Tapestry by 84.3% during the third quarter. ING Groep NV now owns 57,652 shares of the luxury accessories retailer's stock valued at $2,708,000 after purchasing an additional 26,371 shares during the period. Metis Global Partners LLC purchased a new stake in Tapestry in the third quarter worth about $206,000. Finally, KBC Group NV raised its stake in shares of Tapestry by 14.5% in the third quarter. KBC Group NV now owns 6,199 shares of the luxury accessories retailer's stock worth $291,000 after buying an additional 785 shares during the period. 90.77% of the stock is currently owned by institutional investors.
TPR has been the subject of a number of recent research reports. Citigroup boosted their price objective on Tapestry from $49.00 to $55.00 and gave the company a "buy" rating in a research note on Friday, October 25th. Evercore ISI upped their price target on shares of Tapestry from $47.00 to $63.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. TD Cowen downgraded shares of Tapestry from a "buy" rating to a "hold" rating and set a $52.00 price objective on the stock. in a research report on Tuesday, October 29th. Raymond James reaffirmed an "outperform" rating and issued a $57.00 target price (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. Finally, Guggenheim increased their price target on Tapestry from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $57.69.
Read Our Latest Stock Analysis on TPR
Shares of TPR opened at $57.23 on Friday. The business's 50 day simple moving average is $46.55 and its 200-day simple moving average is $42.95. Tapestry, Inc. has a 1 year low of $29.83 and a 1 year high of $58.49. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The stock has a market capitalization of $13.34 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53.
Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating 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 business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the business earned $0.95 earnings per share. Tapestry's quarterly revenue was down 1.8% compared to the same quarter last year. As a group, equities analysts expect that Tapestry, Inc. will post 4.54 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.45%. Tapestry's dividend payout ratio (DPR) is presently 40.46%.
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.
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