Oppenheimer & Co. Inc. Boosts Holdings in Tapestry, Inc. (NYSE:TPR)

Oppenheimer & Co. Inc. raised its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 2.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,477 shares of the luxury accessories retailer’s stock after acquiring an additional 906 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Tapestry were worth $1,432,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Fidelis Capital Partners LLC purchased a new position in Tapestry during the 1st quarter valued at about $35,000. BNP Paribas purchased a new stake in shares of Tapestry during the first quarter worth about $38,000. Massmutual Trust Co. FSB ADV grew its holdings in shares of Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after buying an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc grew its holdings in shares of Tapestry by 34.9% during the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after buying an additional 317 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Trading Up 0.0 %

Shares of TPR stock opened at $43.28 on Wednesday. The stock has a market cap of $9.94 billion, a price-to-earnings ratio of 11.45, a price-to-earnings-growth ratio of 1.55 and a beta of 1.54. 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’s 50 day moving average price is $40.55 and its two-hundred day moving average price is $42.08.

Tapestry (NYSE:TPR) last posted its earnings results 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. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the company posted $0.95 earnings per share. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, analysts anticipate that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be given 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 3.23%. Tapestry’s payout ratio is currently 37.04%.

Wall Street Analyst Weigh In

TPR has been the subject of a number of recent research reports. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday. Citigroup lowered their target price on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Wells Fargo & Company lowered their target price on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, August 16th. UBS Group lowered their target price on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Finally, Evercore ISI lowered their target price on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.07.

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.