Federated Hermes Inc. Acquires 16,387 Shares of Tapestry, Inc. (NYSE:TPR)

Federated Hermes Inc. boosted its stake in Tapestry, Inc. (NYSE:TPR) by 25.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,618 shares of the luxury accessories retailer’s stock after acquiring an additional 16,387 shares during the period. Federated Hermes Inc.’s holdings in Tapestry were worth $3,492,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Fidelis Capital Partners LLC purchased a new stake in Tapestry in the first quarter worth about $35,000. BNP Paribas purchased a new position in shares of Tapestry in the 1st quarter valued at approximately $38,000. Massmutual Trust Co. FSB ADV boosted its position in shares of Tapestry by 54.0% during the second 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. EverSource Wealth Advisors LLC grew its stake in Tapestry by 3,778.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock worth $46,000 after purchasing an additional 1,209 shares during the period. Finally, Blue Trust Inc. raised its holdings in Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 556 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Trading Down 0.7 %

Tapestry stock opened at $42.82 on Friday. The business has a 50-day simple moving average of $40.60 and a two-hundred day simple moving average of $42.06. 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 company has a market cap of $9.84 billion, a P/E ratio of 11.33, a P/E/G ratio of 1.55 and a beta of 1.54. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $48.80.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the business posted $0.95 EPS. Tapestry’s revenue for the quarter was down 1.8% compared to the same quarter last year. Analysts predict that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend is Friday, September 6th. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Argus reiterated a “buy” rating and issued a $52.00 price target on shares of Tapestry in a research note on Tuesday, June 18th. Wells Fargo & Company lowered their target price on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Telsey Advisory Group restated an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a research note on Thursday, August 15th. JPMorgan Chase & Co. dropped their target price on Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Finally, Evercore ISI reduced their price target on Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry 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.