Korea Investment CORP Reduces Position in Tapestry Inc (TPR)

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Korea Investment CORP lessened its stake in Tapestry Inc (NYSE:TPR) by 5.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 118,397 shares of the luxury accessories retailer’s stock after selling 7,200 shares during the period. Korea Investment CORP’s holdings in Tapestry were worth $3,996,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Victory Capital Management Inc. boosted its holdings in Tapestry by 1,344.7% during the 3rd quarter. Victory Capital Management Inc. now owns 62,239 shares of the luxury accessories retailer’s stock valued at $3,128,000 after acquiring an additional 57,931 shares during the period. Private Advisor Group LLC boosted its holdings in Tapestry by 43.8% during the 3rd quarter. Private Advisor Group LLC now owns 10,456 shares of the luxury accessories retailer’s stock valued at $526,000 after acquiring an additional 3,183 shares during the period. Stratos Wealth Partners LTD. purchased a new stake in Tapestry during the 3rd quarter valued at about $145,000. Cambridge Investment Research Advisors Inc. boosted its holdings in Tapestry by 11.4% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 24,223 shares of the luxury accessories retailer’s stock valued at $1,218,000 after acquiring an additional 2,475 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in Tapestry by 39.8% during the 3rd quarter. SG Americas Securities LLC now owns 31,218 shares of the luxury accessories retailer’s stock valued at $1,569,000 after acquiring an additional 8,880 shares during the period. 90.06% of the stock is owned by institutional investors.

Several equities research analysts recently weighed in on TPR shares. MKM Partners dropped their target price on Tapestry to $52.00 in a report on Monday, February 11th. Nomura set a $50.00 price objective on Tapestry and gave the stock a “buy” rating in a report on Monday, November 26th. Zacks Investment Research reiterated a “buy” rating and issued a $45.00 price objective on shares of Tapestry in a report on Saturday, November 17th. Wells Fargo & Co set a $58.00 price objective on Tapestry and gave the stock a “buy” rating in a report on Thursday, December 13th. Finally, Guggenheim reiterated a “buy” rating and issued a $52.00 price objective on shares of Tapestry in a report on Tuesday, January 29th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-two have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $50.00.

Shares of NYSE:TPR opened at $33.10 on Friday. Tapestry Inc has a 52-week low of $31.91 and a 52-week high of $55.50. The company has a market capitalization of $9.76 billion, a PE ratio of 12.59, a PEG ratio of 1.21 and a beta of 0.73. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.62 and a quick ratio of 1.94.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, February 7th. The luxury accessories retailer reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.04). Tapestry had a return on equity of 23.84% and a net margin of 12.18%. The firm had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the prior year, the company posted $1.07 EPS. The firm’s revenue was up .9% on a year-over-year basis. Equities research analysts forecast that Tapestry Inc will post 2.6 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 8th will be given a $0.3375 dividend. This represents a $1.35 annualized dividend and a dividend yield of 4.08%. The ex-dividend date is Thursday, March 7th. Tapestry’s dividend payout ratio is currently 51.33%.

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Tapestry Company Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

Further Reading: SEC Filing

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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