Impact Partnership Wealth LLC Acquires New Position in Tapestry, Inc. (NYSE:TPR)

Impact Partnership Wealth LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR) in the second quarter, HoldingsChannel.com reports. The fund acquired 6,780 shares of the luxury accessories retailer’s stock, valued at approximately $290,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. CWM LLC lifted its position in Tapestry by 0.9% in the first quarter. CWM LLC now owns 26,859 shares of the luxury accessories retailer’s stock valued at $1,275,000 after purchasing an additional 237 shares during the period. Mather Group LLC. lifted its position in Tapestry by 12.9% in the second quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock valued at $104,000 after purchasing an additional 249 shares during the period. Legend Financial Advisors Inc. lifted its position in Tapestry by 1.9% in the second quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock valued at $581,000 after purchasing an additional 257 shares during the period. Empirical Finance LLC lifted its position in Tapestry by 3.3% in the first quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock valued at $415,000 after purchasing an additional 276 shares during the period. Finally, MUFG Securities EMEA plc lifted its position in Tapestry by 34.9% in 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 during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Price Performance

Shares of NYSE:TPR opened at $41.36 on Friday. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. Tapestry, Inc. has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The firm has a 50-day simple moving average of $40.45 and a 200 day simple moving average of $42.43. The company has a market cap of $9.50 billion, a PE ratio of 10.94, a P/E/G ratio of 1.52 and a beta of 1.59.

Tapestry (NYSE:TPR) last announced its quarterly earnings data 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 business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date of this dividend is Friday, September 6th. Tapestry’s dividend payout ratio is presently 37.04%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on TPR shares. UBS Group reduced their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Evercore ISI reduced their price target on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Citigroup reduced their price target on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Wells Fargo & Company reduced their price target on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average price target of $46.13.

About Tapestry

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.