Tapestry, Inc. (NYSE:TPR) Shares Sold by Meritage Portfolio Management

Meritage Portfolio Management decreased its holdings in Tapestry, Inc. (NYSE:TPR) by 17.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 122,963 shares of the luxury accessories retailer’s stock after selling 25,292 shares during the quarter. Meritage Portfolio Management’s holdings in Tapestry were worth $5,777,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. CWA Asset Management Group LLC purchased a new position in shares of Tapestry in the 3rd quarter valued at $2,785,000. Capital Performance Advisors LLP acquired a new stake in shares of Tapestry in the third quarter valued at about $242,000. Lifestyle Asset Management Inc. raised its holdings in shares of Tapestry by 3.3% during the 3rd quarter. Lifestyle Asset Management Inc. now owns 24,653 shares of the luxury accessories retailer’s stock valued at $1,158,000 after buying an additional 790 shares during the period. Deseret Mutual Benefit Administrators lifted its position in Tapestry by 68.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after acquiring an additional 605 shares in the last quarter. Finally, Poplar Forest Capital LLC boosted its holdings in Tapestry by 14.4% in the 3rd quarter. Poplar Forest Capital LLC now owns 364,598 shares of the luxury accessories retailer’s stock worth $17,129,000 after acquiring an additional 45,756 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TPR has been the topic of a number of analyst reports. Robert W. Baird lifted their price objective on shares of Tapestry from $53.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. lifted their price target on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research report on Thursday. Raymond James reaffirmed an “outperform” rating and set a $57.00 target price (up from $55.00) on shares of Tapestry in a research report on Friday. Finally, The Goldman Sachs Group increased their price target on Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a report on Monday, October 21st. Six equities research analysts have rated the stock with a hold rating and ten have given 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 $53.06.

Tapestry Stock Performance

Shares of TPR traded up $0.67 during midday trading on Friday, hitting $52.22. 3,566,430 shares of the stock traded hands, compared to its average volume of 3,846,210. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. Tapestry, Inc. has a 1-year low of $27.55 and a 1-year high of $52.50. The business’s 50 day moving average price is $45.28 and its two-hundred day moving average price is $42.49. The firm has a market capitalization of $12.16 billion, a PE ratio of 14.88, a price-to-earnings-growth ratio of 1.85 and a beta of 1.53.

Tapestry (NYSE:TPR) last posted its 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. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the business posted $0.95 EPS. Tapestry’s revenue was down 1.8% on a year-over-year basis. Equities research analysts predict that Tapestry, Inc. will post 4.46 EPS for the current fiscal year.

Tapestry Announces Dividend

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

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.