Daiwa Securities Group Inc. Acquires 670 Shares of Tapestry, Inc. (NYSE:TPR)

Daiwa Securities Group Inc. lifted its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 12.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 6,141 shares of the luxury accessories retailer’s stock after purchasing an additional 670 shares during the period. Daiwa Securities Group Inc.’s holdings in Tapestry were worth $226,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Raleigh Capital Management Inc. grew its holdings in Tapestry by 5.7% in the 3rd quarter. Raleigh Capital Management Inc. now owns 5,463 shares of the luxury accessories retailer’s stock worth $157,000 after acquiring an additional 297 shares during the last quarter. Treasurer of the State of North Carolina grew its holdings in 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 acquiring an additional 353 shares during the last quarter. Sowell Financial Services LLC grew its holdings in 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 acquiring an additional 381 shares during the last quarter. AllSquare Wealth Management LLC grew its holdings in 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 acquiring an additional 423 shares during the last quarter. Finally, New Mexico Educational Retirement Board grew 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. Institutional investors own 90.77% of the company’s stock.

Tapestry Trading Up 1.7 %

Shares of NYSE TPR opened at $40.05 on Friday. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80. The stock has a market cap of $9.19 billion, a P/E ratio of 10.11, a price-to-earnings-growth ratio of 0.81 and a beta of 1.57. The firm has a 50-day moving average of $45.04 and a 200 day moving average of $38.00. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.17. The business had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.36 earnings per share. As a group, sell-side analysts expect that Tapestry, Inc. will post 4.23 EPS for the current fiscal year.

Tapestry Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TPR. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a report on Wednesday, March 27th. Jefferies Financial Group lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a research note on Thursday, February 29th. Evercore ISI raised shares of Tapestry from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $30.00 to $50.00 in a research note on Monday, February 5th. Raymond James lifted their target price on shares of Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, January 30th. Finally, OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a research note on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.81.

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.