Principal Street Partners LLC Purchases Shares of 91,598 Tapestry, Inc. (NYSE:TPR)

Principal Street Partners LLC purchased a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 91,598 shares of the luxury accessories retailer's stock, valued at approximately $3,372,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. raised its stake in shares of Tapestry by 37.8% in the 3rd quarter. Invesco Ltd. now owns 4,394,913 shares of the luxury accessories retailer's stock valued at $126,354,000 after purchasing an additional 1,205,207 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Tapestry in the third quarter valued at approximately $34,010,000. Pacer Advisors Inc. increased its stake in shares of Tapestry by 60.1% in 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 purchasing an additional 1,167,231 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Tapestry by 28.2% in 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 in the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Tapestry by 27.3% in the third quarter. American Century Companies Inc. now owns 4,485,046 shares of the luxury accessories retailer's stock valued at $128,945,000 after acquiring an additional 960,881 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

Shares of TPR traded down $0.30 during midday trading on Friday, hitting $40.07. 3,602,114 shares of the company traded hands, compared to its average volume of 4,197,532. The stock has a 50-day moving average of $43.49 and a 200-day moving average of $38.72. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.68. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80. The firm has a market cap of $9.19 billion, a P/E ratio of 10.60, a PEG ratio of 0.83 and a beta of 1.61.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.67 by $0.14. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.50 billion. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The business's quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.78 earnings per share. As a group, sell-side analysts predict that Tapestry, Inc. will post 4.23 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 24th. Investors of record on Friday, June 7th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a yield of 3.49%. Tapestry's dividend payout ratio (DPR) is 37.04%.

Analyst Ratings Changes

TPR has been the subject of a number of research analyst reports. Raymond James increased their target price on shares of 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 report on Thursday. Bernstein Bank raised their target price on Tapestry from $46.00 to $48.00 in a research report on Thursday. Wells Fargo & Company boosted their price target on shares of Tapestry from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Friday, February 2nd. Finally, Evercore ISI upgraded Tapestry from an "in-line" rating to an "outperform" rating and raised their target price for the company from $30.00 to $50.00 in a research note on Monday, February 5th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $48.71.

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.