Sheets Smith Wealth Management acquired a new position in Tapestry Inc (NYSE:TPR) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 17,186 shares of the luxury accessories retailer’s stock, valued at approximately $760,000.
A number of other institutional investors have also recently bought and sold shares of the stock. Hexavest Inc. acquired a new stake in shares of Tapestry during the 4th quarter valued at $106,000. M&R Capital Management Inc. acquired a new stake in shares of Tapestry during the 3rd quarter valued at $153,000. LMR Partners LLP acquired a new stake in shares of Tapestry during the 3rd quarter valued at $229,000. Oak Point Wealth Management acquired a new stake in shares of Tapestry during the 4th quarter valued at $469,000. Finally, Point View Wealth Management Inc. acquired a new stake in shares of Tapestry during the 3rd quarter valued at $552,000. 87.63% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on TPR. Canaccord Genuity set a $58.00 target price on shares of Tapestry and gave the company a “buy” rating in a research note on Sunday, January 7th. Zacks Investment Research raised shares of Tapestry from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a research note on Monday, January 8th. Robert W. Baird set a $50.00 price objective on shares of Tapestry and gave the company a “buy” rating in a research note on Friday, December 22nd. Needham & Company LLC started coverage on shares of Tapestry in a research note on Monday, December 18th. They issued a “hold” rating for the company. Finally, Goldman Sachs Group raised shares of Tapestry from a “buy” rating to a “conviction-buy” rating in a research note on Tuesday, December 5th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $47.92.
Tapestry (NYSE:TPR) last announced its earnings results on Tuesday, November 7th. The luxury accessories retailer reported $0.42 EPS for the quarter, topping the consensus estimate of $0.36 by $0.06. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.31 billion. Tapestry had a net margin of 9.62% and a return on equity of 20.71%. The business’s quarterly revenue was up 24.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.45 EPS. analysts expect that Tapestry Inc will post 2.39 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 8th were issued a $0.3375 dividend. The ex-dividend date of this dividend was Thursday, December 7th. This represents a $1.35 annualized dividend and a yield of 2.95%. Tapestry’s dividend payout ratio (DPR) is presently 83.85%.
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Tapestry Company Profile
Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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