Tapestry, Inc. (NYSE:TPR) Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp grew its stake in shares of Tapestry, Inc. (NYSE:TPR) by 5.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,986 shares of the luxury accessories retailer’s stock after acquiring an additional 847 shares during the period. Fifth Third Bancorp’s holdings in Tapestry were worth $684,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in TPR. International Assets Investment Management LLC boosted its holdings in shares of Tapestry by 3,326.2% in the 4th quarter. International Assets Investment Management LLC now owns 111,350 shares of the luxury accessories retailer’s stock valued at $4,099,000 after buying an additional 108,100 shares during the period. Louisiana State Employees Retirement System acquired a new position in shares of Tapestry in the 4th quarter valued at about $512,000. Mackenzie Financial Corp boosted its holdings in shares of Tapestry by 25.9% in the 4th quarter. Mackenzie Financial Corp now owns 18,132 shares of the luxury accessories retailer’s stock valued at $667,000 after buying an additional 3,735 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Tapestry by 11.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 50,148 shares of the luxury accessories retailer’s stock valued at $1,846,000 after buying an additional 5,292 shares during the period. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Tapestry by 12.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 6,141 shares of the luxury accessories retailer’s stock valued at $226,000 after buying an additional 670 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Performance

Shares of TPR opened at $40.17 on Friday. The company’s 50 day moving average price is $40.63 and its 200 day moving average price is $42.57. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80. The company has a market capitalization of $9.23 billion, a PE ratio of 10.63, a PEG ratio of 0.79 and a beta of 1.59. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The firm’s revenue was down 1.8% on a year-over-year basis. Research analysts expect that Tapestry, Inc. will post 4.24 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.49%. The ex-dividend date of this dividend is Friday, September 6th. Tapestry’s dividend payout ratio is 37.04%.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. UBS Group decreased their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Bernstein Bank boosted their price target on shares of Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. Robert W. Baird dropped their price target on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. JPMorgan Chase & Co. dropped their price target on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Finally, Argus restated a “buy” rating and set a $52.00 price target on shares of Tapestry in a research report on Tuesday, June 18th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

About Tapestry

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.