United Services Automobile Association Raises Position in Tapestry Inc (NYSE:TPR)

United Services Automobile Association grew its holdings in shares of Tapestry Inc (NYSE:TPR) by 175.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 281,085 shares of the luxury accessories retailer’s stock after purchasing an additional 178,943 shares during the quarter. United Services Automobile Association’s holdings in Tapestry were worth $8,919,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. FMR LLC lifted its holdings in shares of Tapestry by 100.4% during the 1st quarter. FMR LLC now owns 13,959,794 shares of the luxury accessories retailer’s stock valued at $453,553,000 after purchasing an additional 6,994,567 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Tapestry by 4.7% during the 1st quarter. American Century Companies Inc. now owns 6,216,778 shares of the luxury accessories retailer’s stock valued at $201,983,000 after purchasing an additional 280,937 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Tapestry by 28.5% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,326,188 shares of the luxury accessories retailer’s stock valued at $169,000,000 after purchasing an additional 1,182,774 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of Tapestry by 347.2% during the 2nd quarter. Prudential Financial Inc. now owns 4,946,057 shares of the luxury accessories retailer’s stock valued at $156,938,000 after purchasing an additional 3,840,023 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Tapestry by 0.9% during the 2nd quarter. Northern Trust Corp now owns 3,587,374 shares of the luxury accessories retailer’s stock valued at $113,828,000 after purchasing an additional 30,636 shares during the last quarter. Hedge funds and other institutional investors own 88.52% of the company’s stock.

Several brokerages have recently commented on TPR. Morgan Stanley decreased their price objective on Tapestry from $37.00 to $23.00 and set an “equal weight” rating for the company in a report on Friday, August 16th. Bank of America set a $28.00 price objective on Tapestry and gave the company a “buy” rating in a report on Wednesday, September 4th. Telsey Advisory Group lowered Tapestry from an “outperform” rating to a “market perform” rating in a report on Thursday, August 15th. Goldman Sachs Group lowered Tapestry from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $43.00 to $24.00 in a report on Friday, August 16th. Finally, Deutsche Bank set a $33.00 price objective on Tapestry and gave the company a “buy” rating in a report on Friday, August 16th. Fifteen analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Tapestry has an average rating of “Buy” and a consensus target price of $35.25.

TPR stock traded up $0.31 during midday trading on Thursday, reaching $25.05. The stock had a trading volume of 175,656 shares, compared to its average volume of 6,921,673. The stock has a market cap of $7.50 billion, a PE ratio of 9.75, a P/E/G ratio of 1.09 and a beta of 1.01. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.94 and a current ratio of 2.79. The firm has a fifty day simple moving average of $23.20 and a two-hundred day simple moving average of $28.97. Tapestry Inc has a 52-week low of $18.54 and a 52-week high of $50.39.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.61. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 21.64% and a net margin of 10.68%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the business posted $0.60 EPS. On average, sell-side analysts predict that Tapestry Inc will post 2.55 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 6th were given a dividend of $0.338 per share. This is an increase from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a yield of 5.40%. The ex-dividend date of this dividend was Thursday, September 5th. Tapestry’s dividend payout ratio (DPR) is currently 52.53%.

About Tapestry

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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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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