Tapestry, Inc. (NYSE:TPR) Position Increased by Primecap Management Co. CA

Primecap Management Co. CA lifted its stake in Tapestry, Inc. (NYSE:TPR) by 2.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 675,575 shares of the luxury accessories retailer’s stock after purchasing an additional 16,382 shares during the quarter. Primecap Management Co. CA owned 0.29% of Tapestry worth $28,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in TPR. Balyasny Asset Management L.P. purchased a new stake in shares of Tapestry in the fourth quarter worth approximately $102,531,000. Capital Research Global Investors lifted its position in shares of Tapestry by 77.2% in the fourth quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer’s stock worth $211,611,000 after purchasing an additional 2,504,135 shares in the last quarter. Norges Bank purchased a new stake in shares of Tapestry in the fourth quarter worth approximately $79,352,000. Clearbridge Investments LLC purchased a new stake in shares of Tapestry in the first quarter worth approximately $54,055,000. Finally, Coronation Fund Managers Ltd. lifted its position in shares of Tapestry by 265.1% in the second quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after purchasing an additional 758,539 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Trading Up 0.0 %

Shares of TPR stock opened at $43.28 on Wednesday. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. The business’s 50 day moving average is $40.55 and its two-hundred day moving average is $42.08. The company has a market cap of $9.94 billion, a PE ratio of 11.45, a price-to-earnings-growth ratio of 1.55 and a beta of 1.54.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the business earned $0.95 earnings per share. Tapestry’s revenue for the quarter was down 1.8% compared to the same quarter last year. Equities analysts predict that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be given a $0.35 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.40 annualized dividend and a dividend yield of 3.23%. Tapestry’s dividend payout ratio is 37.04%.

Analyst Ratings Changes

A number of analysts have recently issued reports on TPR shares. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday. Wells Fargo & Company dropped their price objective on Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Telsey Advisory Group restated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a report on Thursday, August 15th. Citigroup dropped their price objective on Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Finally, UBS Group dropped their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.07.

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.