BlackRock Inc. Has $700.45 Million Stock Position in Tapestry, Inc. (NYSE:TPR)

06 Dec 2023, 14:14 by Mitch Edgeman · The Markets Daily

BlackRock Inc. boosted its position in Tapestry, Inc. (NYSE:TPR – Free Report) by 1.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,365,540 shares of the luxury accessories retailer’s stock after acquiring an additional 210,261 shares during the period. BlackRock Inc. owned 7.06% of Tapestry worth $700,445,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in TPR. First Republic Investment Management Inc. increased its position in shares of Tapestry by 1.4% during the second quarter. First Republic Investment Management Inc. now owns 52,495 shares of the luxury accessories retailer’s stock worth $2,247,000 after acquiring an additional 747 shares in the last quarter. Aspire Private Capital LLC raised its stake in shares of Tapestry by 6.2% in the second quarter. Aspire Private Capital LLC now owns 16,268 shares of the luxury accessories retailer’s stock worth $696,000 after purchasing an additional 950 shares during the last quarter. Commerce Bank lifted its holdings in shares of Tapestry by 5.3% in the first quarter. Commerce Bank now owns 9,564 shares of the luxury accessories retailer’s stock valued at $412,000 after purchasing an additional 484 shares in the last quarter. LPL Financial LLC boosted its position in shares of Tapestry by 8.1% during the first quarter. LPL Financial LLC now owns 87,494 shares of the luxury accessories retailer’s stock valued at $3,772,000 after buying an additional 6,557 shares during the last quarter. Finally, Fortem Financial Group LLC boosted its position in shares of Tapestry by 13.7% during the second quarter. Fortem Financial Group LLC now owns 7,647 shares of the luxury accessories retailer’s stock valued at $327,000 after buying an additional 923 shares during the last quarter. Institutional investors and hedge funds own 92.12% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on TPR shares. BMO Capital Markets lowered their price target on Tapestry from $43.00 to $39.00 and set a “market perform” rating for the company in a research report on Friday, November 10th. Robert W. Baird reduced their target price on shares of Tapestry from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, August 18th. Telsey Advisory Group reissued an “outperform” rating and set a $49.00 price target on shares of Tapestry in a research report on Thursday, August 17th. The Goldman Sachs Group decreased their price objective on shares of Tapestry from $46.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, November 10th. Finally, Wells Fargo & Company cut their target price on Tapestry from $55.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, September 11th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and an average target price of $45.18.

Read Our Latest Stock Analysis on TPR

Tapestry Stock Performance

Shares of TPR opened at $32.42 on Wednesday. The firm has a market cap of $7.43 billion, a PE ratio of 8.25, a PEG ratio of 0.69 and a beta of 1.49. The stock’s fifty day moving average price is $28.96 and its two-hundred day moving average price is $35.34. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.02 and a quick ratio of 1.23. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $47.48.

Tapestry (NYSE:TPR – Get Free Report) last issued its earnings results on Thursday, November 9th. The luxury accessories retailer reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.03. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.54 billion. Tapestry had a return on equity of 41.29% and a net margin of 14.03%. The business’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the company posted $0.79 earnings per share. On average, equities research analysts forecast that Tapestry, Inc. will post 4.14 EPS for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 26th. Investors of record on Friday, December 8th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $1.40 dividend on an annualized basis and a yield of 4.32%. Tapestry’s dividend payout ratio (DPR) is 35.62%.

Tapestry Profile

(Free Report)

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.

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