Banco Santander S.A. Takes Position in Tapestry, Inc. (NYSE:TPR)

Key Points

• Banco Santander S.A. has acquired a new stake in Tapestry, Inc., purchasing 79,771 shares valued at approximately $5.6 million.
• Tapestry recently reported a quarterly earnings per share of $1.03, exceeding analysts' expectations by 14 cents, with a revenue of $1.58 billion for the quarter.
• In addition to strong earnings, Tapestry announced a quarterly dividend of $0.35, reflecting an annual yield of 1.3% with a payout ratio of 36.84%.

Banco Santander S.A. purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 79,771 shares of the luxury accessories retailer's stock, valued at approximately $5,617,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Ameriprise Financial Inc. grew its stake in Tapestry by 4.8% in the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock valued at $527,799,000 after purchasing an additional 370,784 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Tapestry by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock valued at $376,247,000 after buying an additional 176,717 shares in the last quarter. Northern Trust Corp grew its stake in shares of Tapestry by 3.0% in the 4th quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock valued at $183,909,000 after buying an additional 83,222 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Tapestry by 593.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock valued at $143,198,000 after buying an additional 1,875,753 shares in the last quarter. Finally, Southpoint Capital Advisors LP bought a new stake in shares of Tapestry in the 4th quarter valued at approximately $130,660,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Tapestry Stock Performance

Shares of NYSE TPR opened at $106.32 on Friday. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $110.44. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. The company has a market cap of $22.08 billion, a P/E ratio of 27.98, a P/E/G ratio of 2.14 and a beta of 1.51. The business's 50 day moving average is $91.01 and its two-hundred day moving average is $80.28.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. During the same period in the prior year, the business earned $0.81 earnings per share. Tapestry's revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

Insider Activity

In related news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the sale, the vice president owned 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the sale, the chief executive officer owned 116,062 shares of the company's stock, valued at $9,447,446.80. This represents a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Tapestry from $104.00 to $145.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Morgan Stanley upped their price objective on shares of Tapestry from $90.00 to $115.00 and gave the stock an "overweight" rating in a report on Friday. Telsey Advisory Group reiterated an "outperform" rating and issued a $92.00 price objective on shares of Tapestry in a report on Friday, May 9th. Citigroup upped their price objective on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $115.00 price target (up previously from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Four analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $97.56.

Tapestry Company 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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