Cantor Fitzgerald Investment Advisors L.P. Buys Shares of 469,146 Tapestry, Inc. (NYSE:TPR)

Cantor Fitzgerald Investment Advisors L.P. bought a new stake in shares of Tapestry, Inc. (NYSE:TPR) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 469,146 shares of the luxury accessories retailer’s stock, valued at approximately $17,269,000. Tapestry accounts for 1.3% of Cantor Fitzgerald Investment Advisors L.P.’s holdings, making the stock its 27th largest position. Cantor Fitzgerald Investment Advisors L.P. owned about 0.20% of Tapestry as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Tapestry by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 31,554,418 shares of the luxury accessories retailer’s stock valued at $907,190,000 after purchasing an additional 173,111 shares in the last quarter. FMR LLC raised its holdings in Tapestry by 2.0% in the 3rd quarter. FMR LLC now owns 14,018,492 shares of the luxury accessories retailer’s stock worth $403,032,000 after acquiring an additional 280,959 shares during the period. Franklin Resources Inc. raised its holdings in Tapestry by 0.9% in the 4th quarter. Franklin Resources Inc. now owns 5,954,829 shares of the luxury accessories retailer’s stock worth $219,197,000 after acquiring an additional 54,647 shares during the period. Ninety One UK Ltd raised its holdings in Tapestry by 12.7% in the 4th quarter. Ninety One UK Ltd now owns 5,321,308 shares of the luxury accessories retailer’s stock worth $195,877,000 after acquiring an additional 597,715 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in Tapestry by 28.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 5,249,047 shares of the luxury accessories retailer’s stock worth $150,916,000 after acquiring an additional 1,154,808 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Robert W. Baird dropped their target price on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. JPMorgan Chase & Co. dropped their target price on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. Jefferies Financial Group downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a report on Thursday, February 29th. Raymond James boosted their price objective on shares of Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, January 30th. Finally, StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a report on Thursday. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

Tapestry Price Performance

NYSE:TPR traded up $0.94 on Friday, reaching $42.30. The stock had a trading volume of 2,294,897 shares, compared to its average volume of 3,593,177. The company has a market capitalization of $9.72 billion, a P/E ratio of 11.19, a price-to-earnings-growth ratio of 0.92 and a beta of 1.61. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77. The stock has a fifty day moving average price of $42.47 and a 200-day moving average price of $39.90.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.14. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.78 earnings per share. Research analysts forecast that Tapestry, Inc. will post 4.22 EPS for the current year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 24th. Shareholders of record on Friday, June 7th will be given a $0.35 dividend. The ex-dividend date is Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a yield of 3.31%. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

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.