2,155,728 Shares in Tapestry, Inc. (NYSE:TPR) Acquired by Norges Bank

Norges Bank acquired a new position in Tapestry, Inc. (NYSE:TPRFree Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,155,728 shares of the luxury accessories retailer’s stock, valued at approximately $79,352,000. Norges Bank owned about 0.94% of Tapestry as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in TPR. Fiera Capital Corp acquired a new position in Tapestry in the fourth quarter worth approximately $52,121,000. Invesco Ltd. grew its holdings in Tapestry by 37.8% during the third quarter. Invesco Ltd. now owns 4,394,913 shares of the luxury accessories retailer’s stock valued at $126,354,000 after purchasing an additional 1,205,207 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in Tapestry during the third quarter valued at approximately $34,010,000. Pacer Advisors Inc. grew its holdings in Tapestry by 60.1% during the fourth 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. Finally, Ameriprise Financial Inc. grew its holdings in Tapestry by 28.2% during the third quarter. Ameriprise Financial Inc. now owns 5,249,047 shares of the luxury accessories retailer’s stock valued at $150,916,000 after purchasing an additional 1,154,808 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Ratings Changes

TPR has been the topic of several analyst reports. Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a report on Thursday, May 9th. JPMorgan Chase & Co. lowered their price target on Tapestry from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. Robert W. Baird lowered their price target on Tapestry from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. The Goldman Sachs Group raised their price objective on shares of Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, Raymond James raised their price objective on shares of Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.31.

Get Our Latest Research Report on Tapestry

Tapestry Stock Up 2.3 %

Shares of TPR stock opened at $42.30 on Monday. The stock has a market cap of $9.72 billion, a P/E ratio of 11.19, a price-to-earnings-growth ratio of 0.92 and a beta of 1.61. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80. The stock has a fifty day moving average price of $42.47 and a 200 day moving average price of $39.90. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98.

Tapestry (NYSE:TPRGet Free Report) last issued its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.14. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The business’s revenue was down 2.0% on a year-over-year basis. During the same period last year, the business earned $0.78 earnings per share. Analysts predict that Tapestry, Inc. will post 4.22 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 24th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.31%. Tapestry’s payout ratio is presently 37.04%.

About Tapestry

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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