Rodgers Brothers Inc. trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 3.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 91,800 shares of the luxury accessories retailer’s stock after selling 2,800 shares during the quarter. Rodgers Brothers Inc.’s holdings in Tapestry were worth $3,783,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of Tapestry by 849.6% during the 1st quarter. JPMorgan Chase & Co. now owns 11,768,183 shares of the luxury accessories retailer’s stock worth $484,967,000 after acquiring an additional 10,528,874 shares in the last quarter. Norges Bank purchased a new stake in Tapestry during the 4th quarter worth approximately $105,983,000. Alliancebernstein L.P. grew its holdings in shares of Tapestry by 77.0% during the first quarter. Alliancebernstein L.P. now owns 5,459,036 shares of the luxury accessories retailer’s stock valued at $224,967,000 after buying an additional 2,375,231 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Tapestry by 70.0% in the 1st quarter. Ameriprise Financial Inc. now owns 5,287,484 shares of the luxury accessories retailer’s stock valued at $217,844,000 after acquiring an additional 2,176,620 shares during the period. Finally, Prudential Financial Inc. raised its stake in Tapestry by 389.6% in the 1st quarter. Prudential Financial Inc. now owns 2,146,204 shares of the luxury accessories retailer’s stock worth $88,446,000 after acquiring an additional 1,707,876 shares during the last quarter. 88.56% of the stock is currently owned by institutional investors.
A number of research firms recently commented on TPR. OTR Global raised Tapestry to a “positive” rating in a report on Thursday, April 15th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Tapestry from $45.00 to $54.00 and gave the stock a “buy” rating in a research note on Monday, May 3rd. Piper Sandler upped their price target on shares of Tapestry from $45.00 to $54.00 and gave the company an “overweight” rating in a report on Wednesday, April 7th. BTIG Research upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $65.00 price objective for the company in a research note on Friday, May 7th. Finally, Morgan Stanley boosted their price objective on Tapestry from $37.00 to $40.00 and gave the company an “equal weight” rating in a report on Tuesday, May 11th. Seven analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Tapestry presently has a consensus rating of “Buy” and a consensus price target of $40.36.
Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, May 6th. The luxury accessories retailer reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.21. Tapestry had a net margin of 7.03% and a return on equity of 20.85%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter last year, the firm posted ($0.27) earnings per share. The business’s revenue for the quarter was up 18.7% compared to the same quarter last year. Sell-side analysts anticipate that Tapestry, Inc. will post 2.83 EPS for the current year.
In other Tapestry news, insider Sarah Dunn sold 14,759 shares of the stock in a transaction dated Monday, May 17th. The stock was sold at an average price of $47.00, for a total value of $693,673.00. Following the sale, the insider now owns 123,181 shares of the company’s stock, valued at approximately $5,789,507. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is currently owned by company insiders.
Tapestry Company Profile
Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, Other Asia, 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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