Sentry Investment Management LLC lessened its holdings in shares of Tapestry Inc (NYSE:TPR) by 8.2% during the 1st quarter, HoldingsChannel reports. The fund owned 16,047 shares of the luxury accessories retailer’s stock after selling 1,426 shares during the period. Sentry Investment Management LLC’s holdings in Tapestry were worth $521,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Ropes Wealth Advisors LLC raised its position in Tapestry by 2.1% during the first quarter. Ropes Wealth Advisors LLC now owns 17,339 shares of the luxury accessories retailer’s stock valued at $563,000 after acquiring an additional 360 shares in the last quarter. Stephens Inc. AR raised its position in shares of Tapestry by 3.2% in the first quarter. Stephens Inc. AR now owns 11,636 shares of the luxury accessories retailer’s stock valued at $378,000 after purchasing an additional 362 shares during the period. Bessemer Group Inc. raised its position in shares of Tapestry by 2.6% in the fourth quarter. Bessemer Group Inc. now owns 14,369 shares of the luxury accessories retailer’s stock valued at $485,000 after purchasing an additional 364 shares during the period. ETF Managers Group LLC raised its position in shares of Tapestry by 18.0% in the fourth quarter. ETF Managers Group LLC now owns 2,523 shares of the luxury accessories retailer’s stock valued at $85,000 after purchasing an additional 384 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Tapestry by 1.6% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 25,466 shares of the luxury accessories retailer’s stock valued at $859,000 after purchasing an additional 410 shares during the period. 90.30% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on the stock. Zacks Investment Research lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. UBS Group lifted their price target on shares of Tapestry from $50.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Standpoint Research raised shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, May 9th. Needham & Company LLC dropped their price target on shares of Tapestry to $42.00 and set a “buy” rating on the stock in a research report on Friday, February 8th. Finally, ValuEngine lowered shares of Tapestry from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-two have issued a buy rating to the company. Tapestry has a consensus rating of “Buy” and a consensus target price of $47.42.
Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.01. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.34 billion. Tapestry had a net margin of 11.78% and a return on equity of 22.08%. Tapestry’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the company posted $0.54 earnings per share. On average, sell-side analysts anticipate that Tapestry Inc will post 2.58 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be paid a $0.3375 dividend. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $1.35 annualized dividend and a dividend yield of 4.54%. Tapestry’s payout ratio is 51.33%.
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Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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