Hsbc Holdings PLC Sells 86,343 Shares of Tapestry, Inc. (NYSE:TPR)

Hsbc Holdings PLC lowered its position in Tapestry, Inc. (NYSE:TPR) by 19.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 355,163 shares of the luxury accessories retailer’s stock after selling 86,343 shares during the period. Hsbc Holdings PLC owned 0.15% of Tapestry worth $15,114,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC lifted its holdings in shares of Tapestry by 35.8% in the fourth quarter. Janney Montgomery Scott LLC now owns 23,110 shares of the luxury accessories retailer’s stock valued at $851,000 after purchasing an additional 6,097 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Tapestry by 130.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,500 shares of the luxury accessories retailer’s stock valued at $55,000 after purchasing an additional 848 shares in the last quarter. Norges Bank bought a new position in shares of Tapestry in the fourth quarter valued at approximately $79,352,000. Coldstream Capital Management Inc. bought a new position in shares of Tapestry in the fourth quarter valued at approximately $267,000. Finally, Wells Fargo & Company MN lifted its holdings in shares of Tapestry by 27.9% in the fourth quarter. Wells Fargo & Company MN now owns 399,372 shares of the luxury accessories retailer’s stock valued at $14,701,000 after purchasing an additional 87,172 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on TPR shares. Citigroup dropped their target price on 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 dropped their target price on Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. JPMorgan Chase & Co. dropped their target price on Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Evercore ISI dropped their price target on Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Finally, UBS Group dropped their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.07.

Tapestry Stock Performance

NYSE:TPR opened at $42.57 on Monday. 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 has a fifty day simple moving average of $40.56 and a two-hundred day simple moving average of $41.96. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80. The company has a market capitalization 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.

Tapestry (NYSE:TPR) last released its earnings results 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 business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period last year, the business posted $0.95 earnings per share. On average, analysts expect that Tapestry, Inc. will post 4.47 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Friday, September 6th. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

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.