Tapestry, Inc. (NYSE:TPR) Shares Sold by Cypress Capital Group

Cypress Capital Group lowered its position in shares of Tapestry, Inc. (NYSE:TPR) by 6.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,171 shares of the luxury accessories retailer’s stock after selling 1,355 shares during the period. Cypress Capital Group’s holdings in Tapestry were worth $820,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Fidelis Capital Partners LLC acquired a new position in Tapestry in the 1st quarter valued at about $35,000. BNP Paribas acquired a new position in Tapestry in the 1st quarter valued at about $38,000. Massmutual Trust Co. FSB ADV boosted its holdings in Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after purchasing an additional 328 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Tapestry by 3,778.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock valued at $46,000 after purchasing an additional 1,209 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in Tapestry by 111.9% in the 2nd 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. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Robert W. Baird lowered their price objective on Tapestry from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Wells Fargo & Company lowered 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. Bernstein Bank lifted their price objective on Tapestry from $46.00 to $48.00 in a report on Thursday, May 9th. JPMorgan Chase & Co. decreased their price target on Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Finally, UBS Group decreased their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $46.13.

Tapestry Trading Down 1.4 %

TPR traded down $0.57 during trading on Monday, hitting $41.09. The company’s stock had a trading volume of 268,873 shares, compared to its average volume of 3,317,009. The firm’s 50 day moving average price is $40.58 and its 200-day moving average price is $42.59. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98. The stock has a market cap of $9.44 billion, a PE ratio of 11.02, a PEG ratio of 0.79 and a beta of 1.59. Tapestry, Inc. has a twelve month low of $25.99 and a twelve month high of $48.80.

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

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.41%. Tapestry’s payout ratio is 37.04%.

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.