Oppenheimer & Co. Inc. Boosts Position in Tapestry, Inc. (NYSE:TPR)

Oppenheimer & Co. Inc. boosted its stake in shares of Tapestry, Inc. (NYSE:TPR) by 2.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 34,409 shares of the luxury accessories retailer’s stock after purchasing an additional 932 shares during the period. Oppenheimer & Co. Inc.’s holdings in Tapestry were worth $1,617,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in TPR. Oppenheimer Asset Management Inc. raised its stake in shares of Tapestry by 10.4% during the third quarter. Oppenheimer Asset Management Inc. now owns 97,361 shares of the luxury accessories retailer’s stock valued at $4,574,000 after acquiring an additional 9,142 shares in the last quarter. Chase Investment Counsel Corp increased its holdings in Tapestry by 6.9% during the 3rd quarter. Chase Investment Counsel Corp now owns 31,000 shares of the luxury accessories retailer’s stock worth $1,456,000 after purchasing an additional 2,000 shares during the period. Victory Capital Management Inc. raised its position in Tapestry by 7.5% during the 3rd quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after purchasing an additional 30,121 shares in the last quarter. Aigen Investment Management LP lifted its holdings in shares of Tapestry by 64.5% in the 3rd quarter. Aigen Investment Management LP now owns 107,852 shares of the luxury accessories retailer’s stock worth $5,067,000 after buying an additional 42,274 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of Tapestry by 42.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,779 shares of the luxury accessories retailer’s stock worth $365,000 after buying an additional 2,326 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

Shares of NYSE TPR opened at $57.23 on Monday. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The stock has a market capitalization of $13.34 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.99 and a beta of 1.53. The firm’s 50 day simple moving average is $46.55 and its 200-day simple moving average is $42.99. Tapestry, Inc. has a 12 month low of $29.83 and a 12 month high of $58.49.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the firm posted $0.95 earnings per share. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. Analysts expect that Tapestry, Inc. will post 4.56 EPS for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. UBS Group decreased their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Evercore ISI boosted their price objective on shares of Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Citigroup lifted their price objective on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Guggenheim raised their price objective on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Wells Fargo & Company lifted their target price on shares of Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average price target of $57.69.

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.