Seven Eight Capital LP Sells 17,138 Shares of Tapestry, Inc. (NYSE:TPR)

Seven Eight Capital LP trimmed its position in Tapestry, Inc. (NYSE:TPR) by 57.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,867 shares of the luxury accessories retailer’s stock after selling 17,138 shares during the period. Seven Eight Capital LP’s holdings in Tapestry were worth $555,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Brown Brothers Harriman & Co. increased its stake in Tapestry by 340.7% in the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock worth $25,000 after acquiring an additional 511 shares during the last quarter. Alpha Paradigm Partners LLC purchased a new stake in shares of Tapestry in the 3rd quarter worth $26,000. Allworth Financial LP lifted its holdings in shares of Tapestry by 196.8% in the 1st quarter. Allworth Financial LP now owns 659 shares of the luxury accessories retailer’s stock worth $28,000 after buying an additional 437 shares during the period. ING Groep NV purchased a new stake in shares of Tapestry in the 1st quarter worth $29,000. Finally, GPS Wealth Strategies Group LLC purchased a new stake in shares of Tapestry during the 1st quarter worth $41,000. 92.12% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Performance

TPR opened at $31.89 on Monday. The stock’s 50 day simple moving average is $38.75 and its 200 day simple moving average is $40.70. The stock has a market cap of $7.25 billion, a P/E ratio of 8.22, a P/E/G ratio of 0.67 and a beta of 1.48. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.84 and a quick ratio of 1.12. Tapestry, Inc. has a 1-year low of $27.53 and a 1-year high of $47.48.

Tapestry (NYSE:TPR) last announced its 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). Tapestry had a net margin of 14.05% and a return on equity of 41.10%. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the company posted $0.78 EPS. Tapestry’s quarterly revenue was down .3% compared to the same quarter last year. As a group, equities analysts anticipate that Tapestry, Inc. will post 4.13 EPS for the current fiscal 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 issued a dividend of $0.35 per share. This is a boost from Tapestry’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $1.40 annualized dividend and a dividend yield of 4.39%. Tapestry’s dividend payout ratio (DPR) is 36.08%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Tapestry from $54.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, August 18th. The Goldman Sachs Group cut their price objective on Tapestry from $49.00 to $46.00 and set a “buy” rating on the stock in a report on Thursday, August 17th. Edward Jones downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Friday, August 11th. UBS Group lowered their target price on Tapestry from $44.00 to $39.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Raymond James lowered their price objective on Tapestry from $50.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, August 18th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and an average target price of $50.23.

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.