DekaBank Deutsche Girozentrale Acquires 1,631 Shares of Tapestry, Inc. (NYSE:TPR)

DekaBank Deutsche Girozentrale grew its holdings in Tapestry, Inc. (NYSE:TPR) by 16.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 11,273 shares of the luxury accessories retailer’s stock after acquiring an additional 1,631 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Tapestry were worth $464,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Capital Research Global Investors lifted its holdings in Tapestry by 8.5% in the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock worth $296,212,000 after purchasing an additional 489,933 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $102,531,000. Bank of New York Mellon Corp lifted its holdings in shares of Tapestry by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after buying an additional 46,760 shares in the last quarter. Norges Bank bought a new position in shares of Tapestry during the fourth quarter worth $79,352,000. Finally, Westfield Capital Management Co. LP grew its stake in Tapestry by 2.3% during the fourth quarter. Westfield Capital Management Co. LP now owns 2,075,458 shares of the luxury accessories retailer’s stock valued at $76,398,000 after acquiring an additional 47,375 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

Tapestry Trading Down 0.6 %

Shares of TPR opened at $42.57 on Friday. The company’s fifty day simple moving average is $40.59 and its 200-day simple moving average is $42.07. The company has a market cap of $9.78 billion, a P/E ratio of 11.26, a P/E/G ratio of 1.55 and a beta of 1.54. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. Tapestry, Inc. has a twelve month low of $25.99 and a twelve month high of $48.80.

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, topping analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. During the same period in the prior year, the company posted $0.95 EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, analysts expect that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Friday, September 6th. Tapestry’s payout ratio is currently 37.04%.

Wall Street Analysts Forecast Growth

Several analysts have commented on TPR shares. Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a research note on Thursday, August 15th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday. Argus restated a “buy” rating and set a $52.00 price target on shares of Tapestry in a report on Tuesday, June 18th. JPMorgan Chase & Co. reduced their price objective on Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Finally, Evercore ISI lowered their target price on Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Five 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, the stock currently has a consensus rating of “Moderate Buy” and an average 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.