Todd Asset Management LLC Sells 398,395 Shares of Tapestry Inc (NYSE:TPR)
Todd Asset Management LLC decreased its stake in Tapestry Inc (NYSE:TPR) by 92.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,157 shares of the luxury accessories retailer’s stock after selling 398,395 shares during the period. Todd Asset Management LLC’s holdings in Tapestry were worth $1,084,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Nelson Roberts Investment Advisors LLC bought a new position in shares of Tapestry in the 1st quarter worth $26,000. Avestar Capital LLC increased its holdings in shares of Tapestry by 2,225.0% in the 1st quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock worth $39,000 after buying an additional 1,157 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Tapestry by 1,079.0% in the 1st quarter. Quadrant Capital Group LLC now owns 1,403 shares of the luxury accessories retailer’s stock worth $44,000 after buying an additional 1,284 shares during the last quarter. FTB Advisors Inc. increased its holdings in shares of Tapestry by 612.0% in the 2nd quarter. FTB Advisors Inc. now owns 2,079 shares of the luxury accessories retailer’s stock worth $65,000 after buying an additional 1,787 shares during the last quarter. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Tapestry in the 1st quarter worth $66,000. 88.13% of the stock is currently owned by hedge funds and other institutional investors.
TPR has been the topic of a number of research analyst reports. Deutsche Bank set a $33.00 price target on shares of Tapestry and gave the stock a “buy” rating in a report on Friday, August 16th. KeyCorp reduced their target price on shares of Tapestry from $42.00 to $30.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Robert W. Baird set a $43.00 target price on shares of Tapestry and gave the company a “buy” rating in a report on Monday, August 12th. Piper Jaffray Companies lowered shares of Tapestry from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $40.00 to $23.00 in a report on Friday, August 16th. Finally, UBS Group set a $25.00 target price on shares of Tapestry and gave the company a “buy” rating in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have given a buy rating to the stock. Tapestry presently has an average rating of “Buy” and a consensus price target of $35.88.
Tapestry stock traded down $0.97 during trading hours on Friday, reaching $20.31. The stock had a trading volume of 6,739,270 shares, compared to its average volume of 6,270,176. The stock has a market cap of $6.10 billion, a PE ratio of 7.90, a PEG ratio of 0.84 and a beta of 0.88. Tapestry Inc has a 52 week low of $18.54 and a 52 week high of $51.50. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.79 and a quick ratio of 1.94. The company has a fifty day simple moving average of $27.88 and a 200-day simple moving average of $31.19.
Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.61. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 10.68% and a return on equity of 21.64%. The company’s revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 EPS. Research analysts predict that Tapestry Inc will post 2.59 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be issued a $0.338 dividend. This represents a $1.35 dividend on an annualized basis and a yield of 6.66%. The ex-dividend date of this dividend is Thursday, September 5th. This is a positive change from Tapestry’s previous quarterly dividend of $0.34. Tapestry’s dividend payout ratio (DPR) is 52.53%.
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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