Affinity Investment Advisors LLC Sells 3,952 Shares of Tapestry, Inc. (NYSE:TPR)

Key Points

• Affinity Investment Advisors LLC reduced its stake in Tapestry, Inc. by 17.5% after selling 3,952 shares, resulting in a holding of 18,651 shares worth $1,313,000.
• Recent analysts' reports have increased Tapestry’s target price significantly, with JPMorgan Chase & Co. raising it from $104.00 to $145.00, contributing to an average target price of approximately $105.47.
• Tapestry has announced a quarterly dividend increase from $0.35 to $0.40 per share, effective for shareholders recorded on September 5th, reflecting a 1.6% yield.

Affinity Investment Advisors LLC lowered its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 17.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,651 shares of the luxury accessories retailer's stock after selling 3,952 shares during the quarter. Affinity Investment Advisors LLC's holdings in Tapestry were worth $1,313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in TPR. Harbour Investments Inc. boosted its stake in shares of Tapestry by 120.1% in the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after purchasing an additional 197 shares during the last quarter. Greenline Partners LLC bought a new stake in Tapestry during the fourth quarter valued at $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in Tapestry during the 1st quarter worth about $29,000. Coppell Advisory Solutions LLC raised its position in shares of Tapestry by 40.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after acquiring an additional 150 shares in the last quarter. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Tapestry in the 1st quarter valued at about $35,000. Institutional investors own 90.77% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on TPR shares. Telsey Advisory Group reiterated an "outperform" rating and set a $125.00 target price (up previously from $92.00) on shares of Tapestry in a research report on Monday, August 11th. Sanford C. Bernstein reissued an "outperform" rating and issued a $112.00 price target on shares of Tapestry in a research report on Friday. Cowen reissued a "buy" rating on shares of Tapestry in a research report on Thursday, August 7th. Barclays reaffirmed an "overweight" rating and issued a $105.00 price target (up previously from $98.00) on shares of Tapestry in a research report on Friday, July 11th. Finally, JPMorgan Chase & Co. lifted their target price on Tapestry from $104.00 to $145.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Four analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $105.47.

Tapestry Stock Up 5.4%

Tapestry stock opened at $100.90 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.87 and a debt-to-equity ratio of 2.77. The company has a market capitalization of $20.96 billion, a P/E ratio of 160.16, a P/E/G ratio of 2.06 and a beta of 1.51. The firm has a 50 day moving average price of $96.88 and a 200-day moving average price of $82.73. Tapestry, Inc. has a twelve month low of $39.10 and a twelve month high of $114.05.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.02. The business had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.67 billion. Tapestry had a return on equity of 68.02% and a net margin of 2.61%. The firm's quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.92 EPS. As a group, equities analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, September 5th. This is a boost from Tapestry's previous quarterly dividend of $0.35. Tapestry's payout ratio is presently 222.22%.

Tapestry Profile

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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