Sumitomo Mitsui Trust Holdings Inc. Purchases New Stake in Tapestry, Inc. (NYSE:TPR)

Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Tapestry, Inc. (NYSE:TPR – Get Rating) in the 4th quarter, Holdings Channel.com reports. The firm acquired 11,528 shares of the luxury accessories retailer’s stock, valued at approximately $439,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Brown Brothers Harriman & Co. increased its holdings in shares of Tapestry by 340.7% in the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after purchasing an additional 511 shares in the last quarter. Alpha Paradigm Partners LLC acquired a new position in Tapestry during the third quarter worth about $26,000. Assetmark Inc. increased its holdings in Tapestry by 2,382.1% in the third quarter. Assetmark Inc. now owns 968 shares of the luxury accessories retailer’s stock valued at $28,000 after buying an additional 929 shares in the last quarter. Truvestments Capital LLC acquired a new stake in shares of Tapestry during the 3rd quarter valued at approximately $28,000. Finally, Clear Street Markets LLC boosted its stake in shares of Tapestry by 121.1% during the 3rd quarter. Clear Street Markets LLC now owns 1,163 shares of the luxury accessories retailer’s stock worth $33,000 after acquiring an additional 637 shares in the last quarter. Institutional investors and hedge funds own 92.84% of the company’s stock.

Wall Street Analyst Weigh In

TPR has been the subject of several research reports. Sanford C. Bernstein cut Tapestry from an “outperform” rating to a “market perform” rating in a report on Thursday, January 5th. Barclays lowered shares of Tapestry from an “overweight” rating to an “equal weight” rating and set a $43.00 price objective on the stock. in a research report on Monday, January 23rd. The Goldman Sachs Group raised their target price on shares of Tapestry from $44.00 to $50.00 and gave the company a “buy” rating in a report on Friday, February 10th. UBS Group reduced their price target on shares of Tapestry from $44.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, March 29th. Finally, Raymond James raised their price objective on shares of Tapestry from $44.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 1st. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $47.63.

Tapestry Trading Down 1.0 %

Shares of TPR stock opened at $41.88 on Friday. Tapestry, Inc. has a 1-year low of $26.39 and a 1-year high of $47.48. The firm’s 50-day simple moving average is $42.25 and its 200-day simple moving average is $39.03. The firm has a market cap of $9.89 billion, a P/E ratio of 12.46, a PEG ratio of 0.91 and a beta of 1.44. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.87 and a quick ratio of 1.14.

Tapestry (NYSE:TPR – Get Rating) last announced its quarterly earnings results on Thursday, February 9th. The luxury accessories retailer reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.09. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.04 billion. Tapestry had a net margin of 12.69% and a return on equity of 36.58%. Tapestry’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the business earned $1.33 EPS. As a group, equities analysts forecast that Tapestry, Inc. will post 3.72 EPS for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 27th. Shareholders of record on Friday, March 10th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, March 9th. This represents a $1.20 annualized dividend and a yield of 2.87%. Tapestry’s dividend payout ratio is presently 35.71%.

Tapestry Profile

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Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade and Stuart Weitzman. The Coach segment consists of global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.

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