United Services Automobile Association cut its position in shares of Tapestry Inc (NYSE:TPR) by 21.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 98,375 shares of the luxury accessories retailer’s stock after selling 27,402 shares during the quarter. United Services Automobile Association’s holdings in Tapestry were worth $3,320,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund boosted its holdings in Tapestry by 1,484.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,213,009 shares of the luxury accessories retailer’s stock worth $36,000 after buying an additional 1,136,452 shares in the last quarter. Pearl River Capital LLC purchased a new stake in Tapestry during the fourth quarter worth $66,000. Moody National Bank Trust Division boosted its holdings in Tapestry by 21.2% during the fourth quarter. Moody National Bank Trust Division now owns 2,096 shares of the luxury accessories retailer’s stock worth $70,000 after buying an additional 366 shares in the last quarter. ETF Managers Group LLC boosted its holdings in Tapestry by 18.0% during the fourth quarter. ETF Managers Group LLC now owns 2,523 shares of the luxury accessories retailer’s stock worth $85,000 after buying an additional 384 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in Tapestry during the fourth quarter worth $105,000. 89.51% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts recently issued reports on TPR shares. Nomura set a $50.00 price target on shares of Tapestry and gave the stock a “buy” rating in a report on Monday, November 26th. Zacks Investment Research cut shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, December 3rd. Wells Fargo & Co set a $58.00 price objective on shares of Tapestry and gave the stock a “buy” rating in a research report on Thursday, December 13th. Barclays upgraded shares of Tapestry from an “equal weight” rating to an “overweight” rating and set a $47.00 price objective for the company in a research report on Friday, January 11th. Finally, Wolfe Research upgraded shares of Tapestry from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Friday, January 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-two have assigned a buy rating to the company. Tapestry has a consensus rating of “Buy” and a consensus target price of $50.00.
Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 7th. The luxury accessories retailer reported $1.07 EPS for the quarter, missing the Zacks’ consensus estimate of $1.11 by ($0.04). The business had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.86 billion. Tapestry had a net margin of 12.18% and a return on equity of 23.84%. Tapestry’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter last year, the company earned $1.07 earnings per share. As a group, equities research analysts predict that Tapestry Inc will post 2.6 EPS for the current fiscal year.
The firm 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 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date is Thursday, March 7th. Tapestry’s dividend payout ratio (DPR) is 51.33%.
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.
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