Tapestry, Inc. (NYSE:TPR) Position Cut by Meritage Portfolio Management

Meritage Portfolio Management reduced its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 58.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,781 shares of the luxury accessories retailer's stock after selling 94,004 shares during the quarter. Meritage Portfolio Management's holdings in Tapestry were worth $2,495,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TPR. FDx Advisors Inc. lifted its holdings in shares of Tapestry by 34.5% in the 3rd quarter. FDx Advisors Inc. now owns 8,735 shares of the luxury accessories retailer's stock worth $251,000 after buying an additional 2,240 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Tapestry by 9.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 285,989 shares of the luxury accessories retailer's stock valued at $10,527,000 after acquiring an additional 23,532 shares in the last quarter. Lecap Asset Management Ltd. purchased a new stake in Tapestry in the fourth quarter worth about $1,107,000. Assenagon Asset Management S.A. grew its holdings in Tapestry by 189.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 228,045 shares of the luxury accessories retailer's stock worth $6,556,000 after acquiring an additional 149,268 shares in the last quarter. Finally, FCF Advisors LLC purchased a new stake in Tapestry during the fourth quarter worth $1,013,000. 90.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TPR has been the topic of several research analyst reports. OTR Global restated a "mixed" rating on shares of Tapestry in a research note on Wednesday, April 17th. Raymond James boosted their target price on shares of Tapestry from $40.00 to $44.00 and gave the company an "outperform" rating in a research report on Tuesday, January 30th. Evercore ISI upgraded Tapestry from an "in-line" rating to an "outperform" rating and upped their target price for the stock from $30.00 to $50.00 in a research note on Monday, February 5th. Jefferies Financial Group downgraded Tapestry from a "buy" rating to a "hold" rating and set a $50.00 price target for the company. in a report on Thursday, February 29th. Finally, Wells Fargo & Company lifted their target price on shares of Tapestry from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $47.81.

Tapestry Price Performance

Shares of NYSE TPR traded down $0.64 on Thursday, hitting $39.39. The company's stock had a trading volume of 4,311,046 shares, compared to its average volume of 3,813,946. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month 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 stock has a 50 day moving average of $45.16 and a 200-day moving average of $37.84. The company has a market capitalization of $9.03 billion, a price-to-earnings ratio of 9.95, a price-to-earnings-growth ratio of 0.81 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, topping 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 company had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.05 billion. During the same period in the previous year, the firm posted $1.36 earnings per share. The business's revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, research analysts predict that Tapestry, Inc. will post 4.23 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 25th. Investors 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 3.55%. Tapestry's dividend payout ratio (DPR) is currently 35.35%.

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.