Wealth Enhancement Advisory Services LLC Purchases 48,691 Shares of Tapestry, Inc. (NYSE:TPR)

Wealth Enhancement Advisory Services LLC lifted its stake in shares of Tapestry, Inc. (NYSE:TPR) by 218.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 70,947 shares of the luxury accessories retailer’s stock after purchasing an additional 48,691 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Tapestry were worth $3,333,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Waldron Private Wealth LLC bought a new stake in Tapestry in the 3rd quarter valued at $25,000. Fidelis Capital Partners LLC acquired a new stake in shares of Tapestry during the 1st quarter worth $35,000. BNP Paribas acquired a new stake in Tapestry in the first quarter valued at about $38,000. Massmutual Trust Co. FSB ADV boosted its stake in Tapestry by 54.0% in 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 in the last quarter. Finally, Blue Trust Inc. boosted its stake in Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after buying an additional 556 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. TD Cowen downgraded Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a research report on Tuesday. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. The Goldman Sachs Group raised their price objective on Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, October 21st. UBS Group reduced their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Finally, Bank of America lifted their target price on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Tapestry Stock Down 1.0 %

TPR stock opened at $46.97 on Friday. Tapestry, Inc. has a twelve month low of $26.95 and a twelve month high of $51.96. 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 firm has a market cap of $10.93 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 1.80 and a beta of 1.53. The business has a 50 day moving average of $44.31 and a 200 day moving average of $42.13.

Tapestry (NYSE:TPR) last posted its quarterly earnings data 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. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the company earned $0.95 EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, research analysts forecast that Tapestry, Inc. will post 4.46 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date was Friday, September 6th. Tapestry’s payout ratio is 39.89%.

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.