Sei Investments Co. Sells 84,755 Shares of Tapestry, Inc. (NYSE:TPR)

Sei Investments Co. decreased its stake in shares of Tapestry, Inc. (NYSE:TPR) by 16.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 422,030 shares of the luxury accessories retailer’s stock after selling 84,755 shares during the period. Sei Investments Co.’s holdings in Tapestry were worth $18,059,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Fidelis Capital Partners LLC bought a new stake in shares of Tapestry during the first quarter worth approximately $35,000. BNP Paribas acquired a new stake in Tapestry during the 1st quarter worth approximately $38,000. Massmutual Trust Co. FSB ADV boosted its stake in Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after purchasing an additional 328 shares during the period. Blue Trust Inc. grew its holdings in Tapestry by 111.9% in the 2nd 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. Finally, MUFG Securities EMEA plc increased its position in Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after buying an additional 317 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

TPR has been the subject of a number of recent research reports. StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday. Argus reissued a “buy” rating and issued a $52.00 price objective on shares of Tapestry in a report on Tuesday, June 18th. JPMorgan Chase & Co. lowered their target price on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. 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. Finally, UBS Group lowered their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $47.07.

Tapestry Stock Up 0.7 %

Shares of NYSE TPR opened at $45.73 on Thursday. The stock has a 50-day moving average price of $40.70 and a two-hundred day moving average price of $41.96. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The company has a market cap of $10.53 billion, a price-to-earnings ratio of 12.10, a PEG ratio of 1.64 and a beta of 1.54.

Tapestry (NYSE:TPR) last issued its earnings results 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. The firm 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%. The company’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter last year, the business posted $0.95 earnings per share. As a group, analysts forecast that Tapestry, Inc. will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company 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. The ex-dividend date was Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a yield of 3.06%. Tapestry’s payout ratio is presently 37.04%.

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.