Park Avenue Securities LLC Has $342,000 Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Park Avenue Securities LLC lessened its position in shares of Tapestry, Inc. (NYSE:TPR) by 21.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,278 shares of the luxury accessories retailer’s stock after selling 1,945 shares during the quarter. Park Avenue Securities LLC’s holdings in Tapestry were worth $342,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Capital Research Global Investors lifted its stake in Tapestry by 8.5% in the first quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock valued at $296,212,000 after buying an additional 489,933 shares during the period. Pacer Advisors Inc. lifted its stake in Tapestry by 53.1% in the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after buying an additional 2,087,586 shares during the period. Dimensional Fund Advisors LP lifted its stake in Tapestry by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock valued at $151,965,000 after buying an additional 165,406 shares during the period. Bank of New York Mellon Corp lifted its stake in Tapestry by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock valued at $116,928,000 after buying an additional 46,760 shares during the period. Finally, AQR Capital Management LLC lifted its stake in Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after buying an additional 1,051,743 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

TPR has been the topic of several analyst reports. JPMorgan Chase & Co. cut their target price on Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Wells Fargo & Company dropped their price target on Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Evercore ISI dropped their price target on Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research report on Thursday, August 15th. Finally, Citigroup dropped their price target on Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $47.07.

Tapestry Stock Performance

Shares of NYSE TPR opened at $45.27 on Friday. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The stock has a 50 day moving average of $42.06 and a 200-day moving average of $41.88. The company has a market capitalization of $10.40 billion, a P/E ratio of 11.98, a P/E/G ratio of 1.67 and a beta of 1.53.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the company posted $0.95 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, equities research analysts predict that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 3.09%. Tapestry’s payout ratio is currently 37.04%.

Tapestry Company 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.