abrdn plc Buys 1,756 Shares of Tapestry, Inc. (NYSE:TPR)

abrdn plc raised its stake in shares of Tapestry, Inc. (NYSE:TPR) by 4.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 39,127 shares of the luxury accessories retailer’s stock after purchasing an additional 1,756 shares during the period. abrdn plc’s holdings in Tapestry were worth $1,840,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in TPR. Pacer Advisors Inc. increased its stake in Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after buying an additional 2,087,586 shares in the last quarter. Clearbridge Investments LLC purchased a new stake in shares of Tapestry during the first quarter worth about $54,055,000. AQR Capital Management LLC raised its stake in Tapestry by 235.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after purchasing an additional 1,051,743 shares during the period. Coronation Fund Managers Ltd. lifted its holdings in Tapestry by 265.1% in 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 purchasing an additional 758,539 shares in the last quarter. Finally, Swedbank AB boosted its stake in Tapestry by 206.5% in the 2nd quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock worth $42,782,000 after purchasing an additional 673,655 shares during the period. Institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Bank of America raised their price objective on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 25th. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research note on Tuesday, October 29th. Wells Fargo & Company lifted their price objective on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Evercore ISI increased their target price on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Tapestry Price Performance

Shares of TPR stock opened at $48.56 on Tuesday. The company has a market capitalization of $11.30 billion, a P/E ratio of 13.83, a P/E/G ratio of 1.77 and a beta of 1.53. The company’s 50-day simple moving average is $44.31 and its two-hundred day simple moving average is $42.15. Tapestry, Inc. has a one year low of $27.02 and a one year high of $51.96. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66.

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 business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.95 EPS. As a group, equities analysts anticipate that Tapestry, Inc. will post 4.46 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were given a $0.35 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.88%. Tapestry’s payout ratio is presently 39.89%.

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.