Tapestry, Inc. (NYSE:TPR) Stock Holdings Cut by Meritage Portfolio Management

Meritage Portfolio Management reduced its position in shares of Tapestry, Inc. (NYSE:TPR) by 58.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 67,781 shares of the luxury accessories retailer’s stock after selling 94,004 shares during the quarter. Meritage Portfolio Management’s holdings in Tapestry were worth $2,495,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raleigh Capital Management Inc. boosted its stake in shares of Tapestry by 5.7% during the 3rd quarter. Raleigh Capital Management Inc. now owns 5,463 shares of the luxury accessories retailer’s stock worth $157,000 after acquiring an additional 297 shares in the last quarter. Treasurer of the State of North Carolina increased its holdings in shares of Tapestry by 0.3% in the 3rd quarter. Treasurer of the State of North Carolina now owns 109,837 shares of the luxury accessories retailer’s stock valued at $3,158,000 after purchasing an additional 353 shares during the period. Sowell Financial Services LLC increased its holdings in shares of Tapestry by 2.1% in the 3rd quarter. Sowell Financial Services LLC now owns 18,348 shares of the luxury accessories retailer’s stock valued at $527,000 after purchasing an additional 381 shares during the period. AllSquare Wealth Management LLC increased its holdings in shares of Tapestry by 35.1% in the 3rd quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock valued at $47,000 after purchasing an additional 423 shares during the period. Finally, Federated Hermes Inc. increased its holdings in shares of Tapestry by 23.1% in the 4th quarter. Federated Hermes Inc. now owns 2,648 shares of the luxury accessories retailer’s stock valued at $97,000 after purchasing an additional 497 shares during the period. 90.77% of the stock is owned by institutional investors.

Tapestry Stock Performance

Tapestry stock traded down $0.64 during mid-day trading on Thursday, reaching $39.39. 4,310,958 shares of the company’s stock were exchanged, compared to its average volume of 3,813,945. The business’s fifty day simple moving average is $45.28 and its 200 day simple moving average is $37.83. The firm has a market capitalization of $9.03 billion, a PE ratio of 10.11, a P/E/G ratio of 0.81 and a beta of 1.57. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. The business had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.05 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period last year, the business posted $1.36 earnings per share. On average, sell-side analysts expect that Tapestry, Inc. will post 4.23 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s dividend payout ratio (DPR) is currently 35.35%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wells Fargo & Company increased their price objective on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Jefferies Financial Group downgraded Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a report on Thursday, February 29th. The Goldman Sachs Group increased their price objective on Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, February 9th. OTR Global restated a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Finally, Raymond James increased their price target on Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and an average target price of $47.81.

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.