Secure Asset Management LLC Grows Stake in Tapestry, Inc. (NYSE:TPR)

Secure Asset Management LLC raised its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 5.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,610 shares of the luxury accessories retailer’s stock after purchasing an additional 1,596 shares during the period. Secure Asset Management LLC’s holdings in Tapestry were worth $1,310,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TPR. CWM LLC increased its position in Tapestry by 0.9% during the 1st quarter. CWM LLC now owns 26,859 shares of the luxury accessories retailer’s stock valued at $1,275,000 after buying an additional 237 shares in the last quarter. Mather Group LLC. increased its holdings in shares of Tapestry by 12.9% during the second quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock valued at $104,000 after acquiring an additional 249 shares in the last quarter. Empirical Finance LLC raised its position in shares of Tapestry by 3.3% in the 1st quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock valued at $415,000 after purchasing an additional 276 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 328 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Tapestry by 15.2% in the 1st quarter. GAMMA Investing LLC now owns 3,263 shares of the luxury accessories retailer’s stock worth $155,000 after purchasing an additional 430 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

NYSE TPR traded up $1.49 during mid-day trading on Friday, reaching $41.66. 2,471,823 shares of the stock were exchanged, 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 P/E/G ratio of 0.79 and a beta of 1.59. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59. The business’s 50 day moving average is $40.59 and its 200-day moving average is $42.56. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the company posted $0.95 EPS. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, equities research analysts forecast that Tapestry, Inc. will post 4.24 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend is Friday, September 6th. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. Robert W. Baird cut their target price on Tapestry from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. Citigroup lowered their price target on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. UBS Group cut their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Finally, Evercore ISI reduced their price objective on Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

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.