National Bank of Canada FI Sells 439,063 Shares of Tapestry, Inc. (NYSE:TPR)

National Bank of Canada FI reduced its position in Tapestry, Inc. (NYSE:TPR) by 87.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 62,679 shares of the luxury accessories retailer’s stock after selling 439,063 shares during the quarter. National Bank of Canada FI’s holdings in Tapestry were worth $2,632,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of TPR. Fidelis Capital Partners LLC bought a new stake in shares of Tapestry in the 1st quarter valued at $35,000. BNP Paribas bought a new stake in shares of Tapestry in the 1st quarter valued at $38,000. Massmutual Trust Co. FSB ADV boosted its stake in shares of Tapestry by 54.0% in 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 during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Tapestry by 3,778.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock valued at $46,000 after acquiring an additional 1,209 shares during the period. Finally, Blue Trust Inc. lifted its position in shares of 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 acquiring an additional 556 shares during the period. 90.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on TPR shares. Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research report on Thursday, August 15th. StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. Wells Fargo & Company dropped their target price on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. JPMorgan Chase & Co. dropped their target price on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Finally, Citigroup lowered their price objective on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.13.

Tapestry Stock Performance

Shares of TPR stock opened at $41.75 on Thursday. The firm has a 50-day moving average of $40.43 and a 200-day moving average of $42.22. The company has a market cap of $9.59 billion, a P/E ratio of 11.04, a P/E/G ratio of 1.50 and a beta of 1.54. 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 one year low of $25.99 and a one year high of $48.80.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating the consensus estimate 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 revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 earnings per share. Equities research analysts forecast that Tapestry, Inc. will post 4.47 EPS for the current fiscal 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 issued a $0.35 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.40 annualized dividend and a dividend yield of 3.35%. Tapestry’s dividend payout ratio is currently 37.04%.

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.