Abich Financial Wealth Management LLC Has $58,000 Stock Position in Tapestry, Inc. (NYSE:TPR)

Abich Financial Wealth Management LLC decreased its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 24.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,233 shares of the luxury accessories retailer’s stock after selling 390 shares during the period. Abich Financial Wealth Management LLC’s holdings in Tapestry were worth $58,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its holdings in shares of Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after acquiring an additional 2,087,586 shares in the last quarter. Clearbridge Investments LLC bought a new position in shares of Tapestry in the 1st quarter valued at about $54,055,000. AQR Capital Management LLC increased its stake in shares of Tapestry by 235.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after purchasing an additional 1,051,743 shares during the last quarter. Coronation Fund Managers Ltd. raised its holdings in shares of Tapestry by 265.1% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock valued at $44,700,000 after purchasing an additional 758,539 shares during the period. Finally, Swedbank AB raised its stake in Tapestry by 206.5% in the second quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock valued at $42,782,000 after buying an additional 673,655 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Trading Down 1.4 %

Shares of NYSE:TPR traded down $0.69 on Tuesday, hitting $49.78. 865,246 shares of the company’s stock were exchanged, compared to its average volume of 3,239,906. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $51.96. The business’s 50 day simple moving average is $43.74 and its two-hundred day simple moving average is $41.95. The stock has a market capitalization of $11.44 billion, a price-to-earnings ratio of 13.11, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66.

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 analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.95 earnings per share. Analysts anticipate that Tapestry, Inc. will post 4.47 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s payout ratio is currently 37.04%.

Wall Street Analysts Forecast Growth

TPR has been the topic of a number of research analyst reports. The Goldman Sachs Group increased their price target on Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Wells Fargo & Company upped their price target on shares of Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday. JPMorgan Chase & Co. lifted their target price on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday. Bank of America upped their target price on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday. Finally, StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Monday. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $51.75.

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.