Tapestry, Inc. (NYSE:TPR) Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Tapestry, Inc. by 13.2% during the first quarter, holding approximately $15.50 million worth of shares.
• Overall, 90.77% of Tapestry's stock is owned by institutional investors and hedge funds, indicating strong institutional support.
• Analysts have a consensus recommendation of "Moderate Buy" for Tapestry with a target price of $101.56, reflecting optimism about the company's performance.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 13.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 220,159 shares of the luxury accessories retailer's stock after buying an additional 25,677 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.11% of Tapestry worth $15,501,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. CenterBook Partners LP purchased a new position in Tapestry in the first quarter valued at about $726,000. Strategy Asset Managers LLC acquired a new stake in Tapestry in the first quarter worth about $673,000. West Michigan Advisors LLC acquired a new stake in Tapestry in the first quarter worth about $453,000. iA Global Asset Management Inc. acquired a new stake in Tapestry in the first quarter worth about $8,644,000. Finally, Earned Wealth Advisors LLC boosted its holdings in Tapestry by 8.6% in the first quarter. Earned Wealth Advisors LLC now owns 7,188 shares of the luxury accessories retailer's stock worth $506,000 after acquiring an additional 567 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TPR. Evercore ISI lowered their price target on Tapestry from $130.00 to $125.00 and set an "outperform" rating for the company in a report on Friday. Raymond James Financial reissued an "outperform" rating and issued a $115.00 price target (up previously from $85.00) on shares of Tapestry in a report on Tuesday, July 22nd. Argus lifted their target price on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. The Goldman Sachs Group lifted their target price on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Cowen reaffirmed a "buy" rating on shares of Tapestry in a report on Thursday, August 7th. Four investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $105.47.

Tapestry Trading Up 5.4%

TPR traded up $5.20 during mid-day trading on Friday, hitting $100.89. 4,156,992 shares of the stock were exchanged, compared to its average volume of 4,954,091. The firm's fifty day moving average is $96.44 and its two-hundred day moving average is $82.49. Tapestry, Inc. has a 1-year low of $39.10 and a 1-year high of $114.05. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The company has a market cap of $20.95 billion, a PE ratio of 26.55, a PEG ratio of 2.28 and a beta of 1.51.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.02. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the prior year, the business earned $0.92 EPS. Tapestry's revenue was up 8.3% on a year-over-year basis. Equities analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.6%. This is an increase from Tapestry's previous quarterly dividend of $0.35. Tapestry's dividend payout ratio (DPR) is currently 36.84%.

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.