Louisiana State Employees Retirement System bought a new position in Tapestry, Inc. (NYSE:TPR – Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund bought 13,900 shares of the luxury accessories retailer’s stock, valued at approximately $512,000.
Several other hedge funds have also recently made changes to their positions in TPR. Bell Investment Advisors Inc grew its position in Tapestry by 718.1% in the third quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock worth $27,000 after acquiring an additional 833 shares in the last quarter. AllSquare Wealth Management LLC lifted its stake 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 valued at $47,000 after purchasing an additional 423 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of Tapestry by 56.9% in the 3rd quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock worth $53,000 after purchasing an additional 668 shares during the period. Allworth Financial LP increased its position in shares of Tapestry by 62.0% during the 4th quarter. Allworth Financial LP now owns 1,620 shares of the luxury accessories retailer’s stock valued at $60,000 after purchasing an additional 620 shares during the last quarter. Finally, Wolverine Asset Management LLC purchased a new stake in Tapestry during the 3rd quarter valued at $63,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.
Tapestry Stock Performance
TPR stock opened at $40.96 on Tuesday. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80. The business has a 50-day moving average price of $44.94 and a 200 day moving average price of $38.16. The company has a market capitalization of $9.39 billion, a P/E ratio of 10.34, a PEG ratio of 0.82 and a beta of 1.57. 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 Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s dividend payout ratio (DPR) is 35.35%.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on TPR shares. Jefferies Financial Group cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a research report on Thursday, February 29th. Evercore ISI raised shares of Tapestry from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $30.00 to $50.00 in a research report on Monday, February 5th. Wells Fargo & Company raised 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. Telsey Advisory Group reaffirmed an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research note on Wednesday, March 27th. Finally, The Goldman Sachs Group raised their price target on Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently 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.
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