Canada Pension Plan Investment Board Invests $993,000 in Tapestry, Inc. (NYSE:TPR)

Canada Pension Plan Investment Board purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 23,200 shares of the luxury accessories retailer’s stock, valued at approximately $993,000.

Several other large investors also recently made changes to their positions in TPR. Brown Brothers Harriman & Co. boosted its stake in shares of Tapestry by 340.7% during the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock worth $25,000 after acquiring an additional 511 shares in the last quarter. Alpha Paradigm Partners LLC acquired a new position in shares of Tapestry during the 3rd quarter worth about $26,000. Glass Jacobson Investment Advisors llc acquired a new position in shares of Tapestry during the 2nd quarter worth about $27,000. ING Groep NV acquired a new position in shares of Tapestry during the 1st quarter worth about $29,000. Finally, Newbridge Financial Services Group Inc. lifted its position in shares of Tapestry by 67.4% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 725 shares of the luxury accessories retailer’s stock worth $31,000 after purchasing an additional 292 shares during the last quarter. Institutional investors own 92.12% of the company’s stock.

Tapestry Stock Up 1.2 %

Shares of TPR opened at $30.76 on Tuesday. The firm has a market capitalization of $7.05 billion, a price-to-earnings ratio of 7.83, a PEG ratio of 0.65 and a beta of 1.48. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.23 and a current ratio of 2.02. The business’s fifty day moving average price is $28.65 and its two-hundred day moving average price is $36.08. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $47.48.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, November 9th. The luxury accessories retailer reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.03. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.54 billion. Tapestry had a return on equity of 41.29% and a net margin of 14.03%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.79 EPS. On average, analysts predict that Tapestry, Inc. will post 4.14 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 26th. Stockholders of record on Friday, December 8th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.55%. The ex-dividend date is Thursday, December 7th. Tapestry’s dividend payout ratio (DPR) is currently 35.62%.

Wall Street Analysts Forecast Growth

TPR has been the subject of several research analyst reports. Raymond James cut their price objective on Tapestry from $47.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, November 10th. Citigroup cut their price objective on Tapestry from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Friday, August 18th. Telsey Advisory Group reissued an “outperform” rating and set a $49.00 price objective on shares of Tapestry in a research report on Thursday, August 17th. Jefferies Financial Group cut their price target on Tapestry from $53.00 to $50.00 in a report on Friday, August 4th. Finally, Evercore ISI assumed coverage on Tapestry in a report on Tuesday, November 7th. They issued an “in-line” rating and a $30.00 price target for the company. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $45.18.

Tapestry 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.