Raymond James Financial Services Advisors Inc. Buys New Shares in Tapestry Inc (NYSE:TPR)

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Raymond James Financial Services Advisors Inc. bought a new stake in Tapestry Inc (NYSE:TPR) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 71,412 shares of the luxury accessories retailer’s stock, valued at approximately $948,000.

Several other large investors also recently added to or reduced their stakes in TPR. Samlyn Capital LLC increased its position in shares of Tapestry by 156.0% in the first quarter. Samlyn Capital LLC now owns 8,806,641 shares of the luxury accessories retailer’s stock valued at $114,045,000 after acquiring an additional 5,366,559 shares during the last quarter. Prudential PLC acquired a new stake in shares of Tapestry in the first quarter valued at about $41,686,000. Norges Bank acquired a new stake in shares of Tapestry in the fourth quarter valued at about $79,565,000. BlackRock Inc. increased its position in shares of Tapestry by 10.8% in the first quarter. BlackRock Inc. now owns 21,072,595 shares of the luxury accessories retailer’s stock valued at $272,891,000 after acquiring an additional 2,046,917 shares during the last quarter. Finally, Schroder Investment Management Group increased its position in shares of Tapestry by 590.8% in the first quarter. Schroder Investment Management Group now owns 1,330,729 shares of the luxury accessories retailer’s stock valued at $17,353,000 after acquiring an additional 1,138,098 shares during the last quarter. 88.44% of the stock is currently owned by institutional investors and hedge funds.

Shares of TPR stock opened at $13.36 on Friday. The company has a current ratio of 1.87, a quick ratio of 1.12 and a debt-to-equity ratio of 1.36. The stock has a market cap of $3.69 billion, a P/E ratio of -16.91, a price-to-earnings-growth ratio of 0.92 and a beta of 1.33. The stock has a 50 day simple moving average of $13.42 and a 200 day simple moving average of $17.70. Tapestry Inc has a 1 year low of $10.18 and a 1 year high of $31.05.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, April 30th. The luxury accessories retailer reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.11). The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.08 billion. Tapestry had a negative net margin of 3.64% and a positive return on equity of 16.58%. The company’s quarterly revenue was down 19.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.42 earnings per share. Analysts forecast that Tapestry Inc will post 0.72 EPS for the current year.

In related news, Director John P. Bilbrey purchased 7,100 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was acquired at an average cost of $14.48 per share, for a total transaction of $102,808.00. Insiders own 1.10% of the company’s stock.

TPR has been the topic of a number of recent analyst reports. Guggenheim lowered their price target on Tapestry from $35.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. BTIG Research initiated coverage on Tapestry in a research report on Tuesday, April 28th. They set a “neutral” rating on the stock. Needham & Company LLC lowered their price target on Tapestry from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. UBS Group lowered their price target on Tapestry from $28.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 15th. Finally, Deutsche Bank lowered their price target on Tapestry from $20.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday, April 24th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $20.55.

Tapestry 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.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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