Sheets Smith Wealth Management Invests $760,000 in Tapestry Inc (TPR) Stock

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 Inc (NYSE TPR) opened at $45.78 on Friday. The company has a market cap of $12,944.76, a price-to-earnings ratio of 28.43, a P/E/G ratio of 1.70 and a beta of 0.46. Tapestry Inc has a twelve month low of $34.33 and a twelve month high of $48.85. The company has a quick ratio of 1.25, a current ratio of 1.74 and a debt-to-equity ratio of 0.64.

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.

Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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