Camelot Portfolios LLC Buys New Position in Tapestry, Inc. (NYSE:TPR)

Camelot Portfolios LLC purchased a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 25,576 shares of the luxury accessories retailer's stock, valued at approximately $941,000.

A number of other institutional investors have also added to or reduced their stakes in TPR. Norges Bank purchased a new stake in shares of Tapestry in the fourth quarter worth approximately $71,991,000. Invesco Ltd. increased its position in shares of Tapestry by 37.8% during the third quarter. Invesco Ltd. now owns 4,394,913 shares of the luxury accessories retailer's stock valued at $126,354,000 after acquiring an additional 1,205,207 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Tapestry during the third quarter valued at approximately $34,010,000. Pacer Advisors Inc. increased its position in shares of Tapestry by 60.1% during the fourth quarter. Pacer Advisors Inc. now owns 3,108,486 shares of the luxury accessories retailer's stock valued at $114,423,000 after acquiring an additional 1,167,231 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Tapestry by 28.2% during the third quarter. Ameriprise Financial Inc. now owns 5,249,047 shares of the luxury accessories retailer's stock valued at $150,916,000 after acquiring an additional 1,154,808 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TPR has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price target on Tapestry from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Friday, February 2nd. Evercore ISI raised Tapestry from an "in-line" rating to an "outperform" rating and increased their price objective for the company from $30.00 to $50.00 in a report on Monday, February 5th. Telsey Advisory Group reissued an "outperform" rating and set a $54.00 price objective on shares of Tapestry in a report on Wednesday, March 27th. Raymond James increased their price objective on Tapestry from $40.00 to $44.00 and gave the company an "outperform" rating in a report on Tuesday, January 30th. Finally, The Goldman Sachs Group increased their price objective on Tapestry from $41.00 to $47.00 and gave the company a "buy" rating in a report on Friday, February 9th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and an average target price of $47.81.

Tapestry Price Performance

NYSE TPR traded down $0.93 during trading hours on Wednesday, reaching $45.17. 3,963,299 shares of the stock traded hands, compared to its average volume of 3,681,933. The stock has a 50 day simple moving average of $44.98 and a two-hundred day simple moving average of $36.45. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68. The company has a market cap of $10.36 billion, a price-to-earnings ratio of 11.38, a price-to-earnings-growth ratio of 0.98 and a beta of 1.57.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $0.17. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter last year, the business posted $1.36 earnings per share. The company's revenue for the quarter was up 2.5% on a year-over-year basis. On average, analysts predict that Tapestry, Inc. will post 4.25 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were given a dividend of $0.35 per share. The ex-dividend date was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a yield of 3.10%. Tapestry's payout ratio is 35.35%.

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.

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