Allspring Global Investments Holdings LLC Sells 61,781 Shares of Tapestry, Inc. (NYSE:TPR)

Allspring Global Investments Holdings LLC decreased its stake in shares of Tapestry, Inc. (NYSE:TPR) by 84.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 11,281 shares of the luxury accessories retailer’s stock after selling 61,781 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Tapestry were worth $415,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Raleigh Capital Management Inc. raised its holdings in shares of Tapestry by 5.7% during the 3rd quarter. Raleigh Capital Management Inc. now owns 5,463 shares of the luxury accessories retailer’s stock valued at $157,000 after buying an additional 297 shares in the last quarter. Treasurer of the State of North Carolina boosted its position in shares of Tapestry by 0.3% in the 3rd quarter. Treasurer of the State of North Carolina now owns 109,837 shares of the luxury accessories retailer’s stock worth $3,158,000 after purchasing an additional 353 shares in the last quarter. Sowell Financial Services LLC boosted its position in shares of Tapestry by 2.1% in the 3rd quarter. Sowell Financial Services LLC now owns 18,348 shares of the luxury accessories retailer’s stock worth $527,000 after purchasing an additional 381 shares in the last quarter. AllSquare Wealth Management LLC boosted its position in shares of Tapestry by 35.1% in the 3rd quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock worth $47,000 after purchasing an additional 423 shares in the last quarter. Finally, New Mexico Educational Retirement Board raised its holdings in Tapestry by 5.2% in the 3rd quarter. New Mexico Educational Retirement Board now owns 12,048 shares of the luxury accessories retailer’s stock worth $346,000 after acquiring an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

TPR has been the subject of a number of recent analyst reports. Telsey Advisory Group restated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a report on Wednesday, March 27th. Raymond James upped their target price on shares of Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, January 30th. Jefferies Financial Group downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a report on Thursday, February 29th. OTR Global reissued a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Finally, Evercore ISI upgraded 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 research report on Monday, February 5th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.81.

Tapestry Stock Performance

Shares of NYSE:TPR opened at $40.05 on Friday. The firm has a market cap of $9.19 billion, a PE ratio of 10.11, a price-to-earnings-growth ratio of 0.82 and a beta of 1.57. The firm’s 50 day simple moving average is $45.04 and its 200-day simple moving average is $37.92. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $2.05 billion. During the same period last year, the firm earned $1.36 earnings per share. The company’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, equities analysts predict that Tapestry, Inc. will post 4.23 EPS for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.40 annualized dividend and a yield of 3.50%. Tapestry’s dividend payout ratio (DPR) is 35.35%.

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.