Sanctuary Advisors LLC Makes New Investment in Tapestry, Inc. (NYSE:TPR)

Sanctuary Advisors LLC bought a new stake in Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 25,597 shares of the luxury accessories retailer’s stock, valued at approximately $1,025,000.

Other large investors have also made changes to their positions in the company. Pacer Advisors Inc. raised 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 purchasing an additional 2,087,586 shares during the last quarter. Clearbridge Investments LLC acquired a new position in Tapestry in the first quarter valued at approximately $54,055,000. AQR Capital Management LLC boosted its stake in Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $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 period. Finally, Swedbank AB raised its position in shares of Tapestry by 206.5% during the 2nd quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock valued at $42,782,000 after acquiring an additional 673,655 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on TPR. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday, September 25th. Argus reiterated a “buy” rating and issued a $52.00 target price on shares of Tapestry in a report on Tuesday, June 18th. Evercore ISI decreased their price target on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, August 9th. JPMorgan Chase & Co. dropped 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, Citigroup decreased their target price on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.07.

Tapestry Price Performance

NYSE TPR opened at $45.27 on Friday. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $48.80. The firm’s 50 day moving average is $42.06 and its 200-day moving average is $41.90. The company has a market capitalization of $10.54 billion, a PE ratio of 12.90, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last issued its quarterly 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 analysts’ expectations of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.95 EPS. Equities research analysts anticipate that Tapestry, Inc. will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date was Friday, September 6th. Tapestry’s dividend payout ratio is currently 39.89%.

Tapestry 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.