Zweig DiMenna Associates LLC lessened its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 44.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 121,820 shares of the luxury accessories retailer's stock after selling 97,530 shares during the period. Zweig DiMenna Associates LLC owned about 0.05% of Tapestry worth $4,484,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of TPR. Norges Bank purchased a new position in shares of Tapestry during the 4th quarter worth approximately $71,991,000. Invesco Ltd. grew its holdings in shares of Tapestry by 37.8% during the 3rd quarter. Invesco Ltd. now owns 4,394,913 shares of the luxury accessories retailer's stock worth $126,354,000 after acquiring an additional 1,205,207 shares during the period. Qube Research & Technologies Ltd purchased a new position in shares of Tapestry during the 3rd quarter worth approximately $34,010,000. Pacer Advisors Inc. grew its holdings in shares of Tapestry by 60.1% during the 4th quarter. Pacer Advisors Inc. now owns 3,108,486 shares of the luxury accessories retailer's stock worth $114,423,000 after acquiring an additional 1,167,231 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in shares of Tapestry by 28.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 5,249,047 shares of the luxury accessories retailer's stock worth $150,916,000 after purchasing an additional 1,154,808 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.
Tapestry Stock Performance
Shares of NYSE TPR traded down $0.10 during midday trading on Friday, hitting $42.93. 3,911,488 shares of the stock traded hands, compared to its average volume of 3,490,177. The firm has a 50-day moving average of $45.31 and a two-hundred day moving average of $36.73. The firm has a market capitalization of $9.85 billion, a P/E ratio of 10.84, a PEG ratio of 0.88 and a beta of 1.57. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80.
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 the consensus estimate of $1.46 by $0.17. The firm had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.05 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The company's revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.36 EPS. On average, equities analysts forecast that Tapestry, Inc. will post 4.25 EPS for the current fiscal year.
Tapestry Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.26%. Tapestry's payout ratio is 35.35%.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on TPR. TheStreet raised Tapestry from a "c+" rating to a "b-" rating in a research report on Tuesday, December 26th. Raymond James boosted their price target on Tapestry from $40.00 to $44.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 30th. Telsey Advisory Group reissued an "outperform" rating and issued a $54.00 price target on shares of Tapestry in a research report on Wednesday, March 27th. Jefferies Financial Group cut Tapestry from a "buy" rating to a "hold" rating and set a $50.00 price target on the stock. in a research report on Thursday, February 29th. Finally, Morgan Stanley reissued an "equal weight" rating and issued a $38.00 price target on shares of Tapestry in a research report on Tuesday, December 12th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.81.
Check Out Our Latest Research Report on TPR
About Tapestry
(
Free Report)
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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