Allworth Financial LP Grows Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Allworth Financial LP increased its stake in shares of Tapestry, Inc. (NYSE:TPR) by 62.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,620 shares of the luxury accessories retailer’s stock after purchasing an additional 620 shares during the period. Allworth Financial LP’s holdings in Tapestry were worth $60,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in TPR. MetLife Investment Management LLC raised its holdings in shares of Tapestry by 20.1% during the first quarter. MetLife Investment Management LLC now owns 73,011 shares of the luxury accessories retailer’s stock valued at $2,712,000 after purchasing an additional 12,222 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Tapestry by 2.3% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,323 shares of the luxury accessories retailer’s stock valued at $1,312,000 after buying an additional 788 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in Tapestry by 1.9% during the first quarter. Great West Life Assurance Co. Can now owns 56,357 shares of the luxury accessories retailer’s stock valued at $2,176,000 after buying an additional 1,045 shares during the last quarter. Sei Investments Co. increased its holdings in Tapestry by 34.5% during the first quarter. Sei Investments Co. now owns 435,569 shares of the luxury accessories retailer’s stock valued at $16,189,000 after buying an additional 111,610 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in Tapestry by 955.8% during the first quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock valued at $41,000 after buying an additional 994 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

Shares of NYSE:TPR opened at $41.14 on Friday. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. The firm has a fifty day moving average price of $45.56 and a 200 day moving average price of $37.14. Tapestry, Inc. has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The firm has a market cap of $9.44 billion, a price-to-earnings ratio of 10.39, a P/E/G ratio of 0.86 and a beta of 1.57.

Tapestry (NYSE:TPR) last issued its 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 net margin of 13.80% and a return on equity of 41.75%. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the prior year, the business earned $1.36 earnings per share. Tapestry’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, sell-side analysts expect that Tapestry, Inc. will post 4.25 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Shareholders 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 annualized dividend and a yield of 3.40%. Tapestry’s dividend payout ratio (DPR) is currently 35.35%.

Wall Street Analyst Weigh In

A number of brokerages have commented on TPR. Evercore ISI raised shares of Tapestry from an “in-line” rating to an “outperform” rating and upped their target price for the company from $30.00 to $50.00 in a report on Monday, February 5th. The Goldman Sachs Group upped their target price on shares of Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a report on Friday, February 9th. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a report on Wednesday. Wells Fargo & Company increased their price objective on shares of Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research note on Wednesday, March 27th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.81.

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.