Quadrant Capital Group LLC Acquires 848 Shares of Tapestry, Inc. (NYSE:TPR)

Quadrant Capital Group LLC grew its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 130.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,500 shares of the luxury accessories retailer’s stock after buying an additional 848 shares during the period. Quadrant Capital Group LLC’s holdings in Tapestry were worth $55,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Principal Financial Group Inc. lifted its holdings in Tapestry by 3.4% during the third quarter. Principal Financial Group Inc. now owns 290,405 shares of the luxury accessories retailer’s stock worth $8,349,000 after buying an additional 9,426 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Tapestry by 2.9% during the 3rd quarter. California Public Employees Retirement System now owns 458,743 shares of the luxury accessories retailer’s stock valued at $13,189,000 after purchasing an additional 13,007 shares during the last quarter. NBC Securities Inc. purchased a new stake in shares of Tapestry during the 3rd quarter valued at $305,000. Assenagon Asset Management S.A. lifted its holdings in shares of Tapestry by 189.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 228,045 shares of the luxury accessories retailer’s stock valued at $6,556,000 after purchasing an additional 149,268 shares during the last quarter. Finally, Smithfield Trust Co increased its position in shares of Tapestry by 22.1% in the 3rd quarter. Smithfield Trust Co now owns 5,630 shares of the luxury accessories retailer’s stock valued at $163,000 after acquiring an additional 1,020 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

TPR has been the topic of several research reports. The Goldman Sachs Group upped 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. Robert W. Baird cut their price target on Tapestry from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. Wells Fargo & Company increased their price target on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Evercore ISI raised shares of Tapestry from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $30.00 to $50.00 in a research note on Monday, February 5th. Finally, Raymond James increased their target price 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. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.31.

Tapestry Stock Performance

NYSE:TPR opened at $42.30 on Monday. The company has a fifty day simple moving average of $42.47 and a two-hundred day simple moving average of $39.90. The company has a market cap of $9.72 billion, a price-to-earnings ratio of 11.19, a price-to-earnings-growth ratio of 0.92 and a beta of 1.61. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.14. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.78 EPS. As a group, equities analysts anticipate that Tapestry, Inc. will post 4.22 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 24th. Stockholders of record on Friday, June 7th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.31%. Tapestry’s dividend payout ratio (DPR) is currently 37.04%.

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.