Pictet Asset Management Ltd. Cuts Stock Position in Tapestry Inc (NYSE:TPR)

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Pictet Asset Management Ltd. lowered its position in Tapestry Inc (NYSE:TPR) by 0.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 144,884 shares of the luxury accessories retailer’s stock after selling 1,200 shares during the period. Pictet Asset Management Ltd.’s holdings in Tapestry were worth $4,597,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Nelson Roberts Investment Advisors LLC purchased a new position in shares of Tapestry in the 1st quarter worth approximately $26,000. Avestar Capital LLC grew its position in shares of Tapestry by 2,225.0% in the 1st quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock worth $39,000 after buying an additional 1,157 shares during the last quarter. FTB Advisors Inc. grew its position in shares of Tapestry by 612.0% in the 2nd quarter. FTB Advisors Inc. now owns 2,079 shares of the luxury accessories retailer’s stock worth $65,000 after buying an additional 1,787 shares during the last quarter. Zions Bancorporation N.A. purchased a new position in shares of Tapestry in the 1st quarter worth approximately $103,000. Finally, NEXT Financial Group Inc grew its position in shares of Tapestry by 63.1% in the 2nd quarter. NEXT Financial Group Inc now owns 4,652 shares of the luxury accessories retailer’s stock worth $148,000 after buying an additional 1,800 shares during the last quarter. 88.52% of the stock is currently owned by hedge funds and other institutional investors.

TPR has been the topic of a number of analyst reports. Goldman Sachs Group downgraded shares of Tapestry from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $43.00 to $24.00 in a research report on Friday, August 16th. Wells Fargo & Co boosted their target price on shares of Tapestry from $26.00 to $30.00 and gave the stock an “outperform” rating in a research report on Friday. Oppenheimer downgraded shares of Tapestry from an “outperform” rating to a “market perform” rating in a research report on Friday, August 16th. KeyCorp dropped their target price on shares of Tapestry from $42.00 to $30.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Finally, Morgan Stanley dropped their target price on shares of Tapestry from $37.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and seventeen have issued a buy rating to the company’s stock. Tapestry has a consensus rating of “Buy” and a consensus target price of $35.25.

Shares of TPR stock traded down $0.59 during trading hours on Tuesday, hitting $24.93. The company’s stock had a trading volume of 2,103,029 shares, compared to its average volume of 6,781,449. The company has a 50 day moving average of $24.30 and a 200 day moving average of $29.68. The stock has a market cap of $7.22 billion, a PE ratio of 9.70, a price-to-earnings-growth ratio of 1.00 and a beta of 0.99. The company has a current ratio of 2.79, a quick ratio of 1.94 and a debt-to-equity ratio of 0.46. Tapestry Inc has a 12-month low of $18.54 and a 12-month high of $51.29.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.61 EPS for the quarter, meeting the consensus estimate of $0.61. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 10.68% and a return on equity of 21.64%. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.60 EPS. As a group, analysts anticipate that Tapestry Inc will post 2.57 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 6th will be issued a $0.338 dividend. This is an increase from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a dividend yield of 5.42%. The ex-dividend date is Thursday, September 5th. Tapestry’s dividend payout ratio is 52.53%.

About Tapestry

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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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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