CIBC World Markets Inc. increased its holdings in Tapestry Inc (NYSE:TPR) by 24.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,042 shares of the luxury accessories retailer’s stock after acquiring an additional 1,387 shares during the period. CIBC World Markets Inc.’s holdings in Tapestry were worth $370,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in TPR. Stelac Advisory Services LLC bought a new position in Tapestry during the first quarter valued at $130,000. Stratos Wealth Partners LTD. bought a new position in Tapestry during the first quarter valued at $155,000. Pitcairn Co. bought a new position in Tapestry during the first quarter valued at $201,000. Sheaff Brock Investment Advisors LLC bought a new position in Tapestry during the first quarter valued at $207,000. Finally, Atria Investments LLC bought a new position in Tapestry during the first quarter valued at $216,000. 89.41% of the stock is owned by institutional investors.
Shares of TPR stock opened at $46.80 on Friday. The company has a current ratio of 2.66, a quick ratio of 1.83 and a debt-to-equity ratio of 0.51. Tapestry Inc has a 52-week low of $38.70 and a 52-week high of $55.50. The firm has a market capitalization of $13.37 billion, a P/E ratio of 21.77, a price-to-earnings-growth ratio of 1.44 and a beta of 0.33.
Tapestry (NYSE:TPR) last issued its quarterly earnings data on Tuesday, May 1st. The luxury accessories retailer reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.04. Tapestry had a return on equity of 24.12% and a net margin of 6.10%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. The company’s revenue for the quarter was up 32.9% compared to the same quarter last year. analysts predict that Tapestry Inc will post 2.6 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 2nd. Investors of record on Friday, June 8th were given a $0.338 dividend. This represents a $1.35 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend was Thursday, June 7th. This is an increase from Tapestry’s previous quarterly dividend of $0.34. Tapestry’s dividend payout ratio (DPR) is 62.79%.
Several equities analysts have weighed in on the company. Guggenheim reissued a “buy” rating and set a $60.00 price objective on shares of Tapestry in a report on Tuesday. Deutsche Bank set a $63.00 price objective on Tapestry and gave the company a “buy” rating in a report on Wednesday, May 2nd. Loop Capital set a $59.00 price objective on Tapestry and gave the company a “buy” rating in a report on Tuesday, May 1st. ValuEngine lowered Tapestry from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Finally, Oppenheimer increased their price objective on Tapestry from $60.00 to $65.00 in a report on Monday, April 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $54.64.
Tapestry, Inc provides luxury accessories and lifestyle brands. It offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, sunglasses, watches, novelty accessories, and ready-to-wear for men.
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