DoubleLine ETF Adviser LP Purchases New Shares in Tapestry, Inc. (NYSE:TPR)

DoubleLine ETF Adviser LP acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 6,077 shares of the luxury accessories retailer’s stock, valued at approximately $260,000.

A number of other hedge funds have also bought and sold shares of the company. Fidelis Capital Partners LLC purchased a new position in shares of Tapestry during the 1st quarter worth about $35,000. BNP Paribas purchased a new position in shares of Tapestry during the first quarter valued at approximately $38,000. Massmutual Trust Co. FSB ADV grew its stake 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 buying an additional 328 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of 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 buying an additional 556 shares during the period. Finally, MUFG Securities EMEA plc lifted its stake 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 worth $52,000 after acquiring an additional 317 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

TPR opened at $47.00 on Friday. The firm has a market capitalization of $10.80 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 1.64 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. The business’s 50-day moving average is $40.81 and its two-hundred day moving average is $41.99. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping 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 firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the business posted $0.95 EPS. Tapestry’s revenue was down 1.8% on a year-over-year basis. Research analysts anticipate that Tapestry, Inc. will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.98%. The ex-dividend date was Friday, September 6th. Tapestry’s dividend payout ratio is currently 37.04%.

Analysts Set New Price Targets

TPR has been the topic of several research analyst reports. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday. Citigroup reduced their price target on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research report on Thursday, August 15th. JPMorgan Chase & Co. reduced 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, UBS Group lowered their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.07.

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.