Tapestry, Inc. (NYSE:TPR) Shares Acquired by Secure Asset Management LLC

Secure Asset Management LLC increased its stake in shares of Tapestry, Inc. (NYSE:TPR) by 5.5% during the 2nd quarter, Holdings Channel.com reports. The fund owned 30,610 shares of the luxury accessories retailer’s stock after purchasing an additional 1,596 shares during the quarter. Secure Asset Management LLC’s holdings in Tapestry were worth $1,310,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Tapestry during the fourth quarter worth about $117,000. Bessemer Group Inc. boosted its holdings in shares of Tapestry by 1,328.8% in the first quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after acquiring an additional 28,038 shares during the period. Goldman Sachs Group Inc. increased its stake in Tapestry by 41.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,272,950 shares of the luxury accessories retailer’s stock valued at $46,857,000 after purchasing an additional 371,724 shares during the period. Manning & Napier Advisors LLC acquired a new position in Tapestry in the 2nd quarter valued at about $3,718,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Tapestry by 4.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,305,257 shares of the luxury accessories retailer’s stock worth $121,671,000 after purchasing an additional 140,347 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

Shares of Tapestry stock traded up $1.49 on Friday, hitting $41.66. The company’s stock had a trading volume of 2,471,823 shares, compared to its average volume of 3,335,706. The company has a market capitalization of $9.57 billion, a P/E ratio of 11.02, a price-to-earnings-growth ratio of 0.79 and a beta of 1.59. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $48.80. The firm has a fifty day moving average price of $40.59 and a 200-day moving average price of $42.56. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, equities research analysts expect that Tapestry, Inc. will post 4.24 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.36%. The ex-dividend date is Friday, September 6th. Tapestry’s payout ratio is 37.04%.

Analysts Set New Price Targets

A number of equities analysts have commented on TPR shares. UBS Group cut their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Robert W. Baird cut their price target on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, May 10th. Citigroup lowered their price objective on Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Telsey Advisory Group reissued an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research note on Thursday, August 15th. Finally, JPMorgan Chase & Co. decreased their price target on Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Tapestry Company 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.