XTX Topco Ltd Trims Stock Position in Tapestry, Inc. (NYSE:TPR)

Key Points

• XTX Topco Ltd has reduced its holdings in Tapestry, Inc. by 59.4%, now owning only 3,572 shares after selling 5,221 shares in the first quarter of the year.
• Several hedge funds have increased their stakes in Tapestry, with Capricorn Fund Managers Ltd boosting its position by 93.9% and Federated Hermes Inc. increasing its holdings by 4,221.4%.
• Analysts have raised their target prices for Tapestry, with Goldman Sachs increasing it from $84 to $93, while Telsey Advisory Group set a new target of $125.

XTX Topco Ltd lessened its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 59.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,572 shares of the luxury accessories retailer's stock after selling 5,221 shares during the quarter. XTX Topco Ltd's holdings in Tapestry were worth $252,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Greenline Partners LLC bought a new position in shares of Tapestry during the fourth quarter valued at approximately $29,000. Coppell Advisory Solutions LLC increased its stake 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 valued at $34,000 after purchasing an additional 150 shares in the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Tapestry during the first quarter valued at approximately $35,000. MorganRosel Wealth Management LLC bought a new position in shares of Tapestry during the first quarter valued at approximately $35,000. Finally, Canada Post Corp Registered Pension Plan bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $48,000. Institutional investors own 90.77% of the company's stock.

Tapestry Stock Up 5.5%

Shares of TPR stock traded up $5.23 during trading hours on Friday, reaching $100.92. 3,687,270 shares of the company's stock were exchanged, compared to its average volume of 4,951,248. The stock's 50 day moving average is $96.44 and its 200-day moving average is $82.49. The company has a market cap of $20.96 billion, a price-to-earnings ratio of 26.52, a P/E/G ratio of 2.28 and a beta of 1.51. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a fifty-two week low of $39.10 and a fifty-two week 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 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.02. The firm had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.67 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company's quarterly revenue was up 8.3% on a year-over-year basis. During the same period last year, the firm earned $0.92 EPS. Analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.6%. This is a positive change from Tapestry's previous quarterly dividend of $0.35. Tapestry's dividend payout ratio (DPR) is 36.84%.

Wall Street Analysts Forecast Growth

TPR has been the topic of several analyst reports. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $125.00 price objective (up from $92.00) on shares of Tapestry in a research report on Monday. The Goldman Sachs Group increased their price target on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a report on Friday, May 9th. UBS Group lowered their price target on Tapestry from $112.00 to $105.00 and set a "neutral" rating on the stock in a report on Friday. Bank of America cut Tapestry from a "buy" rating to a "neutral" rating and increased their price target for the company from $95.00 to $115.00 in a report on Tuesday, July 29th. Finally, Raymond James Financial restated an "outperform" rating and issued a $115.00 price objective (up 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 issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $102.79.

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.