5,796 Shares in Tapestry, Inc. (NYSE:TPR) Purchased by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 5,796 shares of the luxury accessories retailer’s stock, valued at approximately $242,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Fidelis Capital Partners LLC bought a new position in shares of Tapestry during the 1st quarter worth approximately $35,000. BNP Paribas purchased a new stake in shares of Tapestry during the 1st quarter valued at $38,000. Massmutual Trust Co. FSB ADV raised its stake in shares of Tapestry by 54.0% during 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 during the period. Blue Trust Inc. boosted its holdings in shares of Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after buying an additional 556 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Tapestry by 3,778.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock valued at $46,000 after buying an additional 1,209 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Price Performance

TPR stock traded down $0.11 during midday trading on Tuesday, hitting $40.47. The company’s stock had a trading volume of 935,531 shares, compared to its average volume of 3,337,058. The firm has a market capitalization of $9.30 billion, a price-to-earnings ratio of 10.74, a price-to-earnings-growth ratio of 0.79 and a beta of 1.59. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The company has a 50 day moving average of $40.72 and a two-hundred day moving average of $42.58.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. Tapestry’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 EPS. On average, analysts expect that Tapestry, Inc. will post 4.24 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be issued a $0.35 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.46%. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TPR. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research note on Thursday, August 15th. Evercore ISI lowered their target price on Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. UBS Group cut their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday. StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research report on Friday. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $42.23, for a total transaction of $105,575.00. Following the sale, the vice president now directly owns 37,173 shares of the company’s stock, valued at $1,569,815.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.93% of the company’s stock.

Tapestry 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.