Systematic Financial Management LP Has $15.46 Million Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Systematic Financial Management LP lowered its stake in Tapestry, Inc. (NYSE:TPR) by 7.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 361,376 shares of the luxury accessories retailer’s stock after selling 30,298 shares during the quarter. Systematic Financial Management LP owned about 0.16% of Tapestry worth $15,463,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Janney Montgomery Scott LLC raised its position in shares of Tapestry by 35.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 23,110 shares of the luxury accessories retailer’s stock valued at $851,000 after acquiring an additional 6,097 shares during the period. Wells Fargo & Company MN boosted its position in shares of Tapestry by 27.9% during the fourth quarter. Wells Fargo & Company MN now owns 399,372 shares of the luxury accessories retailer’s stock worth $14,701,000 after purchasing an additional 87,172 shares in the last quarter. Corient Private Wealth LLC grew its holdings in shares of Tapestry by 134.6% in the 4th quarter. Corient Private Wealth LLC now owns 37,175 shares of the luxury accessories retailer’s stock valued at $1,368,000 after buying an additional 21,329 shares during the period. Steward Partners Investment Advisory LLC grew its holdings in shares of Tapestry by 49.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 12,491 shares of the luxury accessories retailer’s stock valued at $460,000 after buying an additional 4,138 shares during the period. Finally, TD Asset Management Inc raised its stake in Tapestry by 16.8% during the 4th quarter. TD Asset Management Inc now owns 119,306 shares of the luxury accessories retailer’s stock worth $4,392,000 after buying an additional 17,122 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Tapestry Price Performance

NYSE:TPR opened at $47.94 on Friday. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $48.80. The company has a market cap of $11.02 billion, a P/E ratio of 12.68, a P/E/G ratio of 1.64 and a beta of 1.54. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. The stock’s 50-day simple moving average is $40.94 and its 200 day simple moving average is $41.96.

Tapestry (NYSE:TPR) last announced its quarterly earnings data 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. The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 EPS. As a group, sell-side analysts forecast that Tapestry, Inc. will post 4.47 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were paid a dividend of $0.35 per share. The ex-dividend date was Friday, September 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.92%. Tapestry’s dividend payout ratio is presently 37.04%.

Wall Street Analyst Weigh In

TPR has been the subject of several research analyst reports. Evercore ISI decreased their price objective on Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Argus reiterated a “buy” rating and issued a $52.00 price target on shares of Tapestry in a report on Tuesday, June 18th. Citigroup dropped 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. Wells Fargo & Company reduced their target price on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. Finally, StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price 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.