Cookson Peirce & Co. Inc. Decreases Stake in Tapestry, Inc. $TPR

Key Points

• Cookson Peirce & Co. Inc. reduced its stake in Tapestry, Inc. by 24.6%, selling 4,078 shares during the first quarter, which brought its total holdings to 12,478 shares.
• Tapestry recently announced a quarterly dividend increase to $0.40 per share, up from $0.35, reflecting a 1.7% yield and a payout ratio of 36.84%.
• Analysts have a consensus rating of "Moderate Buy" for Tapestry with an average target price of $102.67, indicating positive expectations for the company's stock performance.

Cookson Peirce & Co. Inc. reduced its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 24.6% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 12,478 shares of the luxury accessories retailer's stock after selling 4,078 shares during the period. Cookson Peirce & Co. Inc.'s holdings in Tapestry were worth $879,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TPR. Harbour Investments Inc. lifted 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 acquiring an additional 197 shares in the last quarter. Greenline Partners LLC purchased a new stake in shares of Tapestry during the fourth quarter worth $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Tapestry during the first quarter worth $29,000. Coppell Advisory Solutions LLC lifted its position in shares of Tapestry by 40.7% during the fourth 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 purchased a new stake in shares of Tapestry during the first quarter worth $35,000. 90.77% of the stock is owned by institutional investors.

Tapestry Price Performance

NYSE TPR traded up $5.21 on Friday, reaching $100.90. The company had a trading volume of 6,808,522 shares, compared to its average volume of 4,805,765. The company has a quick ratio of 1.31, a current ratio of 1.87 and a debt-to-equity ratio of 2.77. The stock has a market capitalization of $20.96 billion, a PE ratio of 160.16, a price-to-earnings-growth ratio of 2.54 and a beta of 1.51. The firm's 50 day moving average price is $96.88 and its 200 day moving average price is $82.78. Tapestry, Inc. has a 12 month low of $39.10 and a 12 month high of $114.05.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, beating the consensus estimate of $1.02 by $0.02. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the prior year, the firm posted $0.92 EPS. The firm's revenue was up 8.3% compared to the same quarter last year. As a group, equities analysts predict that Tapestry, Inc. will post 4.91 earnings per share 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 is an increase from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, September 5th. Tapestry's dividend payout ratio (DPR) is currently 222.22%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on TPR shares. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $112.00 price target on shares of Tapestry in a report on Friday. Bank of America cut shares of Tapestry from a "buy" rating to a "neutral" rating and upped their price target for the stock from $95.00 to $115.00 in a report on Tuesday, July 29th. UBS Group decreased their price target on shares of Tapestry from $112.00 to $105.00 and set a "neutral" rating on the stock in a report on Friday. Wall Street Zen cut Tapestry from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $115.00 target price (up previously from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and an average target price of $105.47.

About Tapestry

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.