Scout Investments Inc. lowered its stake in Tapestry Inc (NYSE:TPR) by 71.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 102,967 shares of the luxury accessories retailer’s stock after selling 254,899 shares during the quarter. Scout Investments Inc.’s holdings in Tapestry were worth $3,475,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of TPR. FMR LLC lifted its position in Tapestry by 19.8% in the second quarter. FMR LLC now owns 8,097,454 shares of the luxury accessories retailer’s stock valued at $378,232,000 after buying an additional 1,335,513 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Tapestry during the third quarter worth about $56,533,000. Marshall Wace LLP acquired a new stake in shares of Tapestry during the third quarter worth about $41,555,000. TIAA CREF Investment Management LLC lifted its position in shares of Tapestry by 27.2% during the third quarter. TIAA CREF Investment Management LLC now owns 3,381,737 shares of the luxury accessories retailer’s stock worth $170,000,000 after purchasing an additional 723,780 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Tapestry by 35.4% during the third quarter. Janus Henderson Group PLC now owns 2,322,463 shares of the luxury accessories retailer’s stock worth $116,750,000 after purchasing an additional 606,751 shares in the last quarter. 88.96% of the stock is currently owned by institutional investors.
TPR has been the topic of several research reports. Zacks Investment Research reissued a “buy” rating and set a $45.00 price target on shares of Tapestry in a research report on Saturday, November 17th. Nomura set a $50.00 price target on shares of Tapestry and gave the stock a “buy” rating in a research report on Monday, November 26th. Wells Fargo & Co reduced their price target on shares of Tapestry from $58.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 2nd. Buckingham Research reduced their price target on shares of Tapestry from $53.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, October 31st. Finally, Citigroup reduced their price target on shares of Tapestry from $55.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 31st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-one have given a buy rating to the company. Tapestry currently has a consensus rating of “Buy” and a consensus price target 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, topping the Zacks’ consensus estimate of $0.45 by $0.03. Tapestry had a net margin of 9.00% and a return on equity of 24.73%. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the firm earned $0.42 earnings per share. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. Analysts anticipate that Tapestry Inc will post 2.79 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, December 31st. Shareholders of record on Friday, December 7th were paid a $0.338 dividend. This is a positive change from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a yield of 3.72%. The ex-dividend date was Thursday, December 6th. Tapestry’s dividend 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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