Chase Investment Counsel Corp Purchases New Stake in Tapestry, Inc. (NYSE:TPR)

Chase Investment Counsel Corp purchased a new stake in Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 29,000 shares of the luxury accessories retailer’s stock, valued at approximately $1,067,000.

A number of other large investors have also added to or reduced their stakes in the business. Russell Investments Group Ltd. raised its stake in Tapestry by 36.4% in the 4th quarter. Russell Investments Group Ltd. now owns 104,151 shares of the luxury accessories retailer’s stock valued at $3,834,000 after acquiring an additional 27,794 shares during the period. Headlands Technologies LLC bought a new stake in Tapestry in the 4th quarter valued at $168,000. Truist Financial Corp increased its position in Tapestry by 5.8% during the 4th quarter. Truist Financial Corp now owns 82,226 shares of the luxury accessories retailer’s stock worth $3,027,000 after buying an additional 4,475 shares during the period. Semanteon Capital Management LP bought a new position in Tapestry during the 4th quarter worth $803,000. Finally, Stevens Capital Management LP bought a new position in Tapestry during the 4th quarter worth $2,032,000. Institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on TPR shares. Wells Fargo & Company increased their price objective on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. 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 research report on Friday, February 9th. Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $30.00 to $50.00 in a report on Monday, February 5th. Finally, Jefferies Financial Group lowered Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a report on Thursday, February 29th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and an average target price of $47.81.

Tapestry Price Performance

NYSE:TPR traded up $0.72 during trading hours on Monday, hitting $40.77. The company’s stock had a trading volume of 1,429,812 shares, compared to its average volume of 3,777,297. The stock has a fifty day simple moving average of $45.04 and a 200-day simple moving average of $38.07. The company has a market capitalization of $9.35 billion, a P/E ratio of 10.11, a PEG ratio of 0.82 and a beta of 1.57. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68. Tapestry, Inc. has a twelve month low of $25.99 and a twelve month high of $48.80.

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

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date was Thursday, March 7th. Tapestry’s payout ratio is 35.35%.

About Tapestry

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.