QRG Capital Management Inc. Sells 300 Shares of Tapestry, Inc. (NYSE:TPR)

QRG Capital Management Inc. lowered its stake in shares of Tapestry, Inc. (NYSE:TPR) by 2.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,317 shares of the luxury accessories retailer’s stock after selling 300 shares during the quarter. QRG Capital Management Inc.’s holdings in Tapestry were worth $579,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in TPR. Pacer Advisors Inc. grew its holdings in Tapestry by 53.1% during the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after acquiring an additional 2,087,586 shares during the last quarter. Clearbridge Investments LLC bought a new stake in Tapestry during the 1st quarter worth about $54,055,000. AQR Capital Management LLC grew its holdings in Tapestry by 235.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after acquiring an additional 1,051,743 shares during the last quarter. Coronation Fund Managers Ltd. grew its holdings in Tapestry by 265.1% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after acquiring an additional 758,539 shares during the last quarter. Finally, Swedbank AB grew its holdings in Tapestry by 206.5% during the 2nd quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock worth $42,782,000 after acquiring an additional 673,655 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

TPR has been the topic of a number of research analyst reports. Citigroup increased their price objective on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research note on Thursday. Robert W. Baird raised their target price on shares of Tapestry from $53.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday. Raymond James reaffirmed an “outperform” rating and issued a $57.00 target price (up previously from $55.00) on shares of Tapestry in a research note on Friday. Finally, JPMorgan Chase & Co. raised their target price on shares of Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Six investment 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 $53.06.

Tapestry Stock Performance

Shares of TPR stock opened at $52.22 on Friday. 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 company has a market capitalization of $12.16 billion, a P/E ratio of 14.88, a price-to-earnings-growth ratio of 1.85 and a beta of 1.53. The company’s 50 day moving average price is $45.28 and its two-hundred day moving average price is $42.49. Tapestry, Inc. has a 52 week low of $27.55 and a 52 week high of $52.50.

Tapestry (NYSE:TPR) last announced its earnings results 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. The firm had revenue of $1.59 billion for 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 business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the company posted $0.95 EPS. On average, analysts expect that Tapestry, Inc. will post 4.46 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.68%. Tapestry’s dividend payout ratio is currently 39.89%.

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.