M&G Plc Acquires 6,607 Shares of Tapestry, Inc. (NYSE:TPR)

by · The Markets Daily

M&G Plc grew its stake in Tapestry, Inc. (NYSE:TPR – Free Report) by 2.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 245,512 shares of the luxury accessories retailer’s stock after acquiring an additional 6,607 shares during the period. M&G Plc’s holdings in Tapestry were worth $11,539,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. grew 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 purchasing an additional 2,087,586 shares in the last quarter. Clearbridge Investments LLC bought a new position in shares of Tapestry in the first quarter valued at $54,055,000. AQR Capital Management LLC increased its holdings in Tapestry by 235.9% during the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after buying an additional 1,051,743 shares during the last quarter. Coronation Fund Managers Ltd. raised its position in Tapestry by 265.1% during the second quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after acquiring an additional 758,539 shares in the last quarter. Finally, Swedbank AB lifted its stake in Tapestry by 206.5% in the second quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock valued at $42,782,000 after acquiring an additional 673,655 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Price Performance

Shares of Tapestry stock opened at $51.55 on Friday. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. The stock has a market capitalization of $12.00 billion, a price-to-earnings ratio of 14.69, a price-to-earnings-growth ratio of 1.81 and a beta of 1.53. Tapestry, Inc. has a twelve month low of $27.20 and a twelve month high of $52.50. The company has a 50-day simple moving average of $45.05 and a two-hundred day simple moving average of $42.38.

Tapestry (NYSE:TPR – Get Free Report) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 earnings per share. Analysts forecast that Tapestry, Inc. will post 4.46 EPS for the current year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.72%. Tapestry’s dividend payout ratio (DPR) is currently 39.89%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on TPR shares. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a report on Thursday. Evercore ISI upped their price objective on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. The Goldman Sachs Group increased their price target on Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Citigroup lifted their price objective on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Six investment 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 stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Read Our Latest Research Report on Tapestry

Tapestry Profile

(Free Report)

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.

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