Tapestry, Inc. (NYSE:TPR) Shares Bought by Coronation Fund Managers Ltd.

Coronation Fund Managers Ltd. raised its stake in Tapestry, Inc. (NYSE:TPR) by 68.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 481,427 shares of the luxury accessories retailer’s stock after purchasing an additional 195,325 shares during the quarter. Coronation Fund Managers Ltd.’s holdings in Tapestry were worth $20,600,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Kestra Investment Management LLC purchased a new stake in shares of Tapestry during the second quarter valued at approximately $444,000. Dana Investment Advisors Inc. grew its holdings in Tapestry by 1.1% during the 2nd quarter. Dana Investment Advisors Inc. now owns 334,229 shares of the luxury accessories retailer’s stock valued at $14,302,000 after purchasing an additional 3,534 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in Tapestry by 10.5% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 482,578 shares of the luxury accessories retailer’s stock worth $20,650,000 after buying an additional 46,000 shares during the period. Delphi Management Inc. MA lifted its holdings in Tapestry by 1.6% in the 2nd quarter. Delphi Management Inc. MA now owns 37,643 shares of the luxury accessories retailer’s stock worth $1,611,000 after buying an additional 601 shares in the last quarter. Finally, Cetera Investment Advisers boosted its position in Tapestry by 4.7% in the 2nd quarter. Cetera Investment Advisers now owns 55,669 shares of the luxury accessories retailer’s stock valued at $2,382,000 after buying an additional 2,513 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Down 1.4 %

Shares of Tapestry stock opened at $46.31 on Wednesday. The stock has a market capitalization of $10.64 billion, a price-to-earnings ratio of 12.25, a PEG ratio of 1.64 and a beta of 1.54. Tapestry, Inc. has a twelve month low of $25.99 and a twelve month high of $48.80. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The business’s 50 day simple moving average is $41.15 and its 200-day simple moving average is $41.91.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share 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 firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the company earned $0.95 earnings per share. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. Equities research analysts forecast that Tapestry, Inc. will post 4.47 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were issued a dividend of $0.35 per share. The ex-dividend date was Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.02%. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TPR. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, September 25th. Citigroup dropped their price target on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Argus reiterated a “buy” rating and set a $52.00 price objective on shares of Tapestry in a research note on Tuesday, June 18th. JPMorgan Chase & Co. decreased their price objective on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Finally, Wells Fargo & Company cut their target price on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.