Empowered Funds LLC Grows Position in Tapestry, Inc. (NYSE:TPR)

Empowered Funds LLC raised its position in Tapestry, Inc. (NYSE:TPR) by 972.6% during the third quarter, HoldingsChannel.com reports. The firm owned 203,491 shares of the luxury accessories retailer’s stock after purchasing an additional 184,519 shares during the period. Empowered Funds LLC’s holdings in Tapestry were worth $9,560,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in TPR. Waldron Private Wealth LLC purchased a new stake in shares of Tapestry in the third quarter worth approximately $25,000. Massmutual Trust Co. FSB ADV increased its stake in Tapestry by 54.0% in the second 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 during the period. Blue Trust Inc. lifted its position in shares of Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 556 shares during the last quarter. MUFG Securities EMEA plc boosted its stake in shares of Tapestry by 34.9% during the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after purchasing an additional 317 shares during the period. Finally, Chilton Capital Management LLC bought a new position in shares of Tapestry in the second quarter worth about $53,000. Institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TPR. Raymond James reiterated an “outperform” rating and set a $57.00 price objective (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. TD Cowen downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research note on Tuesday, October 29th. Bank of America increased their price objective on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Wells Fargo & Company lifted their target price on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday. Finally, UBS Group dropped their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $57.69.

Tapestry Price Performance

Shares of TPR opened at $57.23 on Friday. The company has a 50 day moving average of $46.55 and a two-hundred day moving average of $42.95. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. Tapestry, Inc. has a twelve month low of $29.83 and a twelve month high of $58.49. The company has a market cap of $13.34 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the business earned $0.95 EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, analysts predict that Tapestry, Inc. will post 4.54 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.45%. Tapestry’s dividend payout ratio (DPR) is currently 40.46%.

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.