Envestnet Asset Management Inc. Raises Holdings in Tapestry, Inc. (NYSE:TPR)

Envestnet Asset Management Inc. grew its position in shares of Tapestry, Inc. (NYSE:TPR) by 177.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 663,858 shares of the luxury accessories retailer’s stock after buying an additional 424,350 shares during the period. Envestnet Asset Management Inc. owned 0.28% of Tapestry worth $8,497,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in TPR. Commerce Bank lifted its holdings in Tapestry by 5.3% during the 1st quarter. Commerce Bank now owns 9,564 shares of the luxury accessories retailer’s stock worth $412,000 after purchasing an additional 484 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Tapestry by 55.4% during the 4th quarter. Russell Investments Group Ltd. now owns 97,622 shares of the luxury accessories retailer’s stock worth $3,716,000 after purchasing an additional 34,804 shares in the last quarter. LPL Financial LLC lifted its holdings in Tapestry by 8.1% during the 1st quarter. LPL Financial LLC now owns 87,494 shares of the luxury accessories retailer’s stock worth $3,772,000 after purchasing an additional 6,557 shares in the last quarter. Patton Fund Management Inc. purchased a new stake in Tapestry during the 4th quarter worth about $213,000. Finally, Cambria Investment Management L.P. lifted its holdings in Tapestry by 10.8% during the 1st quarter. Cambria Investment Management L.P. now owns 196,096 shares of the luxury accessories retailer’s stock worth $8,454,000 after purchasing an additional 19,150 shares in the last quarter. Hedge funds and other institutional investors own 92.12% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Jefferies Financial Group decreased their target price on Tapestry from $53.00 to $50.00 in a research note on Friday, August 4th. Edward Jones lowered Tapestry from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Telsey Advisory Group restated an “outperform” rating and issued a $49.00 target price on shares of Tapestry in a research note on Thursday, August 17th. Citigroup decreased their target price on Tapestry from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Friday, August 18th. Finally, Sanford C. Bernstein upgraded Tapestry from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $50.00 to $55.00 in a research note on Monday, May 15th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $50.46.

Tapestry Price Performance

Shares of Tapestry stock opened at $32.60 on Thursday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.84 and a quick ratio of 1.12. The business’s 50 day simple moving average is $39.19 and its two-hundred day simple moving average is $40.87. The stock has a market capitalization of $7.41 billion, a P/E ratio of 8.40, a price-to-earnings-growth ratio of 0.71 and a beta of 1.48. Tapestry, Inc. has a one year low of $27.53 and a one year high of $47.48.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 17th. The luxury accessories retailer reported $0.95 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.02). The company had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Tapestry had a return on equity of 41.10% and a net margin of 14.05%. Tapestry’s revenue for the quarter was down .3% on a year-over-year basis. During the same period last year, the firm earned $0.78 earnings per share. Analysts forecast that Tapestry, Inc. will post 4.13 EPS for the current year.

Tapestry Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Friday, September 8th will be given a $0.35 dividend. This is a positive change from Tapestry’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date is Thursday, September 7th. Tapestry’s dividend payout ratio (DPR) is currently 30.93%.

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.