Principal Financial Group Inc. Decreases Holdings in Tapestry, Inc. (NYSE:TPR)

Principal Financial Group Inc. lowered its holdings in Tapestry, Inc. (NYSE:TPR) by 1.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 269,821 shares of the luxury accessories retailer’s stock after selling 3,383 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of Tapestry worth $12,676,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TPR. Waldron Private Wealth LLC acquired a new position in Tapestry in the third quarter valued at approximately $25,000. Massmutual Trust Co. FSB ADV raised 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 worth $40,000 after acquiring an additional 328 shares in the last quarter. Blue Trust Inc. lifted its position in Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after acquiring an additional 556 shares during the last quarter. MUFG Securities EMEA plc boosted its stake in Tapestry by 34.9% in the second 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 in the last quarter. Finally, Chilton Capital Management LLC purchased a new position in shares of Tapestry during the second quarter worth about $53,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Price Performance

TPR stock opened at $57.23 on Friday. The company has a market cap of $13.34 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.78 and a beta of 1.53. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The firm has a 50 day moving average of $46.55 and a 200-day moving average of $42.97. Tapestry, Inc. has a 12-month low of $29.83 and a 12-month high of $58.49.

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 return on equity of 36.26% and a net margin of 12.12%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the business earned $0.95 earnings per share. Tapestry’s quarterly revenue was down 1.8% compared to the same quarter last year. As a group, equities analysts expect that Tapestry, Inc. will post 4.54 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be paid a $0.35 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.45%. Tapestry’s payout ratio is 40.46%.

Analysts Set New Price Targets

TPR has been the subject of a number of research analyst reports. Citigroup upped their target price on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Guggenheim upped their price target on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday. Bank of America raised their price objective on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Telsey Advisory Group upped their target price on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a report on Friday. Finally, The Goldman Sachs Group raised their price target on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Friday. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.69.

Tapestry 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.