Chase Investment Counsel Corp Purchases Shares of 29,000 Tapestry, Inc. (NYSE:TPR)

Chase Investment Counsel Corp bought a new position in Tapestry, Inc. (NYSE:TPR) during the 4th quarter, Holdings Channel reports. The fund bought 29,000 shares of the luxury accessories retailer’s stock, valued at approximately $1,067,000.

Several other large investors have also recently made changes to their positions in the company. Russell Investments Group Ltd. increased its holdings in shares of Tapestry by 36.4% in the fourth quarter. Russell Investments Group Ltd. now owns 104,151 shares of the luxury accessories retailer’s stock worth $3,834,000 after purchasing an additional 27,794 shares during the last quarter. Headlands Technologies LLC bought a new stake in Tapestry during the fourth quarter worth approximately $168,000. Truist Financial Corp increased its stake in Tapestry by 5.8% during the fourth quarter. Truist Financial Corp now owns 82,226 shares of the luxury accessories retailer’s stock worth $3,027,000 after acquiring an additional 4,475 shares during the last quarter. Semanteon Capital Management LP bought a new stake in Tapestry during the fourth quarter worth approximately $803,000. Finally, Stevens Capital Management LP bought a new stake in Tapestry during the fourth quarter worth approximately $2,032,000. 90.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

TPR has been the topic of several analyst reports. Wells Fargo & Company boosted their price objective on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $30.00 to $50.00 in a research note on Monday, February 5th. Raymond James boosted their target price on Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research report on Wednesday, March 27th. Finally, The Goldman Sachs Group boosted their target price on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $47.81.

Tapestry Price Performance

Shares of NYSE TPR traded up $0.72 during mid-day trading on Monday, reaching $40.77. The company had a trading volume of 1,429,812 shares, compared to its average volume of 3,777,297. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90. The stock has a market cap of $9.35 billion, a PE ratio of 10.11, a P/E/G ratio of 0.82 and a beta of 1.57. The company has a 50-day moving average price of $45.04 and a two-hundred day moving average price of $38.07. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.17. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. Tapestry’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.36 earnings per share. On average, equities analysts anticipate that Tapestry, Inc. will post 4.23 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a yield of 3.43%. Tapestry’s payout ratio is 35.35%.

Tapestry 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.