Covestor Ltd Sells 342 Shares of Tapestry, Inc. (NYSE:TPR)

Covestor Ltd decreased its position in Tapestry, Inc. (NYSE:TPR) by 9.3% during the third quarter, HoldingsChannel.com reports. The firm owned 3,343 shares of the luxury accessories retailer’s stock after selling 342 shares during the quarter. Covestor Ltd’s holdings in Tapestry were worth $157,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of TPR. Waldron Private Wealth LLC bought a new position in shares of Tapestry in the third quarter worth approximately $25,000. Massmutual Trust Co. FSB ADV increased its holdings in shares of Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 328 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 556 shares in the last quarter. MUFG Securities EMEA plc lifted its holdings in shares of Tapestry by 34.9% during the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after purchasing an additional 317 shares in the last quarter. Finally, Chilton Capital Management LLC bought a new stake in Tapestry in the 2nd quarter worth about $53,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

NYSE TPR opened at $52.22 on Monday. The stock has a market cap of $12.16 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 1.85 and a beta of 1.53. Tapestry, Inc. has a 12 month low of $27.55 and a 12 month high of $52.50. The company’s 50 day moving average is $45.28 and its two-hundred day moving average is $42.51. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the previous year, the company earned $0.95 EPS. Tapestry’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, research analysts anticipate that Tapestry, Inc. will post 4.46 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Friday, December 6th. Tapestry’s dividend payout ratio is currently 39.89%.

Analyst Ratings Changes

Several equities analysts have issued reports on TPR shares. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Robert W. Baird raised their target price on shares of Tapestry from $53.00 to $58.00 and gave the stock an “outperform” rating in a report on Friday. TD Cowen downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a research report on Tuesday, October 29th. Raymond James reissued an “outperform” rating and set a $57.00 price target (up from $55.00) on shares of Tapestry in a report on Friday. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research report on Thursday. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $54.00.

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.