Axa S.A. Sells 147,842 Shares of Tapestry, Inc. (NYSE:TPR)

Axa S.A. reduced its stake in shares of Tapestry, Inc. (NYSE:TPR) by 51.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 140,104 shares of the luxury accessories retailer’s stock after selling 147,842 shares during the quarter. Axa S.A. owned 0.06% of Tapestry worth $5,995,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bessemer Group Inc. grew its stake in shares of Tapestry by 1,328.8% during the first quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after buying an additional 28,038 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Tapestry by 41.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,272,950 shares of the luxury accessories retailer’s stock worth $46,857,000 after purchasing an additional 371,724 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in Tapestry during the 2nd quarter valued at approximately $3,718,000. Lazard Asset Management LLC lifted its holdings in Tapestry by 611.8% in the 1st quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock worth $3,019,000 after buying an additional 54,679 shares during the period. Finally, Clearbridge Investments LLC bought a new stake in shares of Tapestry in the 1st quarter worth approximately $54,055,000. 90.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TPR has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their target price on Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Wells Fargo & Company dropped their target price on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. Citigroup reduced their price target on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. UBS Group lowered their price objective 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. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a report on Thursday, August 15th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.07.

Tapestry Stock Up 2.0 %

Shares of NYSE:TPR opened at $47.94 on Friday. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $48.80. The stock has a market capitalization of $11.02 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 1.64 and a beta of 1.54. The stock has a fifty day simple moving average of $40.94 and a two-hundred day simple moving average of $41.96. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 EPS. On average, research analysts anticipate that Tapestry, Inc. will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s payout ratio is 37.04%.

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.