Raymond James & Associates Sells 123,738 Shares of Tapestry, Inc. (NYSE:TPR)

Raymond James & Associates trimmed its holdings in Tapestry, Inc. (NYSE:TPR) by 26.7% in the 3rd quarter, Holdings Channel reports. The fund owned 339,916 shares of the luxury accessories retailer’s stock after selling 123,738 shares during the quarter. Raymond James & Associates’ holdings in Tapestry were worth $15,969,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Fidelis Capital Partners LLC bought a new position in shares of Tapestry in the 1st quarter worth about $35,000. BNP Paribas bought a new stake in Tapestry during the 1st quarter valued at about $38,000. Massmutual Trust Co. FSB ADV increased its stake in Tapestry by 54.0% during 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. Blue Trust Inc. increased its stake in Tapestry by 111.9% during 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. Finally, MUFG Securities EMEA plc boosted its holdings in shares of Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Tapestry Price Performance

Shares of NYSE:TPR opened at $50.49 on Friday. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $51.58. The company has a market capitalization of $11.60 billion, a P/E ratio of 13.36, a P/E/G ratio of 1.67 and a beta of 1.53. The firm’s 50 day simple moving average is $43.54 and its two-hundred day simple moving average is $41.88.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $1.58 billion. During the same quarter in the previous year, the firm earned $0.95 earnings per share. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. Research analysts expect that Tapestry, Inc. will post 4.47 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s dividend payout ratio is currently 37.04%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TPR. UBS Group dropped their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $54.00 price target on shares of Tapestry in a report on Thursday, August 15th. Bank of America raised their price target on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday. StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, September 25th. Finally, Citigroup raised their price objective on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $51.73.

About Tapestry

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.