abrdn plc Lowers Stock Holdings in Tapestry, Inc. (NYSE:TPR)

abrdn plc lowered its stake in Tapestry, Inc. (NYSE:TPR) by 1.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 17,370 shares of the luxury accessories retailer’s stock after selling 261 shares during the quarter. abrdn plc’s holdings in Tapestry were worth $639,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. lifted its stake in shares of Tapestry by 37.8% in the third quarter. Invesco Ltd. now owns 4,394,913 shares of the luxury accessories retailer’s stock worth $126,354,000 after buying an additional 1,205,207 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in Tapestry in the 3rd quarter valued at approximately $34,010,000. Pacer Advisors Inc. boosted its stake in Tapestry by 60.1% during the 4th quarter. Pacer Advisors Inc. now owns 3,108,486 shares of the luxury accessories retailer’s stock valued at $114,423,000 after purchasing an additional 1,167,231 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Tapestry by 28.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 5,249,047 shares of the luxury accessories retailer’s stock worth $150,916,000 after purchasing an additional 1,154,808 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in Tapestry by 27.3% during the 3rd quarter. American Century Companies Inc. now owns 4,485,046 shares of the luxury accessories retailer’s stock valued at $128,945,000 after acquiring an additional 960,881 shares during the period. Institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

TPR has been the subject of several research reports. OTR Global reissued a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Wells Fargo & Company boosted their target price on shares of Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Evercore ISI upgraded Tapestry from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $30.00 to $50.00 in a research note on Monday, February 5th. Jefferies Financial Group cut Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research report on Thursday, February 29th. Finally, StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $47.81.

Tapestry Stock Performance

NYSE TPR opened at $40.96 on Tuesday. The business has a 50-day moving average price of $44.94 and a 200-day moving average price of $38.16. The firm has a market cap of $9.39 billion, a price-to-earnings ratio of 10.34, a price-to-earnings-growth ratio of 0.82 and a beta of 1.57. Tapestry, Inc. has a twelve month low of $25.99 and a twelve month high of $48.80. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90.

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 the consensus estimate 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 analysts’ expectations of $2.05 billion. During the same quarter last year, the business posted $1.36 earnings per share. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, equities research analysts predict that Tapestry, Inc. will post 4.23 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.42%. 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.