Swiss National Bank Sells 6,300 Shares of Tapestry, Inc. (NYSE:TPR)

Key Points

• Swiss National Bank has reduced its stake in Tapestry, Inc. (NYSE:TPR) by 1.4%, now holding 451,500 shares valued at approximately $31.79 million.
• Multiple institutional investors have significantly increased their positions in Tapestry, with Southpoint Capital Advisors investing $130.66 million in the fourth quarter alone.
• Analysts have shown positive sentiment towards Tapestry, with several upgrades, including a price target increase from $85.00 to $115.00 by Raymond James Financial.

Swiss National Bank reduced its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 1.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 451,500 shares of the luxury accessories retailer's stock after selling 6,300 shares during the quarter. Swiss National Bank owned 0.22% of Tapestry worth $31,790,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Harbour Investments Inc. boosted its position in shares of Tapestry by 120.1% during the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after buying an additional 197 shares during the period. Greenline Partners LLC bought a new position in Tapestry during the 4th quarter worth $29,000. Coppell Advisory Solutions LLC increased its stake in Tapestry by 40.7% during 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 during the period. Opal Wealth Advisors LLC bought a new position in Tapestry during the 1st quarter worth $35,000. Finally, MorganRosel Wealth Management LLC bought a new position in shares of Tapestry in the 1st quarter valued at $35,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Barclays reissued an "overweight" rating and set a $105.00 price objective (up previously from $98.00) on shares of Tapestry in a report on Friday, July 11th. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price on the stock in a report on Thursday, June 12th. Bank of America downgraded Tapestry from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $95.00 to $115.00 in a research note on Tuesday, July 29th. Wall Street Zen downgraded Tapestry from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. Finally, JPMorgan Chase & Co. upped their target price on Tapestry from $104.00 to $145.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Four analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $105.47.

Tapestry Trading Up 5.4%

Shares of Tapestry stock traded up $5.18 during trading on Friday, reaching $100.87. 4,156,992 shares of the stock were exchanged, compared to its average volume of 4,954,091. 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 stock's fifty day moving average is $96.44 and its 200 day moving average is $82.49. The firm has a market cap of $20.95 billion, a price-to-earnings ratio of 26.55, a price-to-earnings-growth ratio of 2.28 and a beta of 1.51. Tapestry, Inc. has a 1 year low of $39.10 and a 1 year high of $114.05.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.02. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.67 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. Tapestry's revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.92 earnings per share. As a group, equities research analysts expect 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 given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.6%. This is an increase from Tapestry's previous quarterly dividend of $0.35. Tapestry's dividend payout ratio (DPR) is 36.84%.

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.