Tapestry, Inc. $TPR Stock: Candriam S.C.A. Cuts Holdings

Key Points

• Candriam S.C.A. reduced its Tapestry stake by 53.8% in the third quarter, selling 99,437 shares and ending the period with 85,527 shares valued at about $9.9 million.
• Tapestry reported quarterly earnings of $1.82 per share, beating estimates of $1.56, while revenue of $1.89 billion also topped forecasts and rose 11.1% year over year.
• The company declared a quarterly dividend of $0.4625 per share, equal to an annualized $1.85 and a 1.4% yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $167.72.

Candriam S.C.A. lessened its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 53.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 85,527 shares of the luxury accessories retailer's stock after selling 99,437 shares during the period. Candriam S.C.A.'s holdings in Tapestry were worth $9,875,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cetera Trust Company N.A acquired a new stake in Tapestry during the 2nd quarter worth approximately $26,000. Keating Financial Advisory Services Inc. acquired a new position in Tapestry in the 2nd quarter valued at $31,000. Virtus Advisers LLC acquired a new position in Tapestry in the 2nd quarter valued at $32,000. GK Wealth Management LLC acquired a new position in Tapestry in the 3rd quarter valued at $28,000. Finally, Signature Equity Partners LLC increased its position in Tapestry by 1,516.7% during the 3rd quarter. Signature Equity Partners LLC now owns 291 shares of the luxury accessories retailer's stock worth $34,000 after buying an additional 273 shares during the period. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Price Performance

Tapestry stock opened at $136.22 on Tuesday. The firm has a market cap of $27.16 billion, a PE ratio of 17.53, a price-to-earnings-growth ratio of 1.58 and a beta of 1.44. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25. The stock's fifty day moving average price is $117.62 and its two-hundred day moving average price is $136.97. Tapestry, Inc. has a one year low of $99.00 and a one year high of $164.80.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share for the quarter, beating analysts' consensus estimates of $1.56 by $0.26. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.85 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The company's revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.38 EPS. As a group, research analysts expect that Tapestry, Inc. will post 8.29 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Friday, December 4th will be given a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.85 annualized dividend and a yield of 1.4%. Tapestry's dividend payout ratio is currently 23.81%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. TD Cowen started coverage on Tapestry in a report on Friday, October 30th. They set a "strong-buy" rating for the company. JPMorgan Chase & Co. upped their price target on shares of Tapestry from $205.00 to $211.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. Robert W. Baird lowered their price target on shares of Tapestry from $165.00 to $150.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 27th. Argus dropped their price objective on shares of Tapestry from $165.00 to $148.00 and set a "buy" rating for the company in a research note on Tuesday, August 18th. Finally, Telsey Advisory Group boosted their price objective on shares of Tapestry from $160.00 to $175.00 and gave the company an "outperform" rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $167.72.

Insider Activity

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the transaction, the chief executive officer directly owned 666,149 shares of the company's stock, valued at $88,244,758.03. This trade represents a 4.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Denise Kulikowsky sold 5,810 shares of the business's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total transaction of $670,357.80. Following the completion of the transaction, the insider owned 21,136 shares of the company's stock, valued at $2,438,671.68. The trade was a 21.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.28% of the company's stock.

About Tapestry

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