Avory & Company LLC Invests $237,000 in Tapestry, Inc. (NYSE:TPR)

Avory & Company LLC bought a new stake in shares of Tapestry, Inc. (NYSE:TPR) in the 4th quarter, HoldingsChannel reports. The firm bought 6,427 shares of the luxury accessories retailer’s stock, valued at approximately $237,000. Tapestry accounts for about 0.2% of Avory & Company LLC’s holdings, making the stock its 27th largest position.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TPR. Invesco Ltd. raised its holdings in shares of Tapestry by 37.8% during the third quarter. Invesco Ltd. now owns 4,394,913 shares of the luxury accessories retailer’s stock valued at $126,354,000 after acquiring an additional 1,205,207 shares during the period. Qube Research & Technologies Ltd acquired a new stake in shares of Tapestry during the third quarter valued at approximately $34,010,000. Pacer Advisors Inc. raised its holdings in shares of Tapestry by 60.1% during the fourth quarter. Pacer Advisors Inc. now owns 3,108,486 shares of the luxury accessories retailer’s stock valued at $114,423,000 after acquiring an additional 1,167,231 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Tapestry by 28.2% during the third quarter. Ameriprise Financial Inc. now owns 5,249,047 shares of the luxury accessories retailer’s stock valued at $150,916,000 after acquiring an additional 1,154,808 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of Tapestry by 27.3% during the third quarter. American Century Companies Inc. now owns 4,485,046 shares of the luxury accessories retailer’s stock valued at $128,945,000 after acquiring an additional 960,881 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Down 1.6 %

Shares of TPR traded down $0.67 during trading hours on Tuesday, reaching $40.31. The stock had a trading volume of 3,514,046 shares, compared to its average volume of 3,806,871. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The firm has a 50-day simple moving average of $44.94 and a 200 day simple moving average of $38.16. 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 company has a market capitalization of $9.25 billion, a price-to-earnings ratio of 10.34, a P/E/G ratio of 0.82 and a beta of 1.57.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.17. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same period last year, the firm posted $1.36 EPS. The business’s revenue was up 2.5% compared to the same quarter last year. Equities research analysts predict that Tapestry, Inc. will post 4.23 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 25th. Stockholders 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 dividend yield of 3.47%. Tapestry’s dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. The Goldman Sachs Group upped their price objective on shares of Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Raymond James increased their price target on shares of Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. OTR Global restated a “mixed” rating on shares of Tapestry in a research note on Wednesday, April 17th. Wells Fargo & Company upped their price objective on shares of Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Finally, Jefferies Financial Group downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a report on Thursday, February 29th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.81.

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.