Hancock Whitney Corp Sells 406 Shares of Tapestry, Inc. (NYSE:TPR)

Hancock Whitney Corp reduced its holdings in Tapestry, Inc. (NYSE:TPR) by 2.8% in the second quarter, HoldingsChannel reports. The firm owned 13,921 shares of the luxury accessories retailer’s stock after selling 406 shares during the period. Hancock Whitney Corp’s holdings in Tapestry were worth $596,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Fidelis Capital Partners LLC bought a new position in Tapestry during the first quarter worth $35,000. BNP Paribas bought a new stake in Tapestry during the 1st quarter valued at $38,000. Massmutual Trust Co. FSB ADV raised its holdings in Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of Tapestry by 111.9% during 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 during the last quarter. Finally, MUFG Securities EMEA plc raised its holdings in shares of Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after acquiring an additional 317 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Trading Up 3.6 %

Shares of Tapestry stock opened at $44.12 on Tuesday. 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 has a market capitalization of $10.14 billion, a P/E ratio of 11.67, a P/E/G ratio of 1.55 and a beta of 1.54. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $48.80. The stock’s 50-day simple moving average is $40.59 and its 200 day simple moving average is $41.94.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the company posted $0.95 EPS. Tapestry’s revenue was down 1.8% compared to the same quarter last year. As a group, research analysts anticipate that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors 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 dividend on an annualized basis and a dividend yield of 3.17%. Tapestry’s payout ratio is 37.04%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Argus reissued a “buy” rating and set a $52.00 price objective on shares of Tapestry in a report on Tuesday, June 18th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research note on Thursday, August 15th. 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. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday, September 17th. Finally, UBS Group cut their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average price target of $47.07.

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.