Tapestry, Inc. (NYSE:TPR) Shares Acquired by Deseret Mutual Benefit Administrators

Deseret Mutual Benefit Administrators lifted its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 68.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,492 shares of the luxury accessories retailer’s stock after acquiring an additional 605 shares during the quarter. Deseret Mutual Benefit Administrators’ holdings in Tapestry were worth $70,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Capital Research Global Investors lifted its holdings in shares of Tapestry by 8.5% during the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock valued at $296,212,000 after acquiring an additional 489,933 shares in the last quarter. Pacer Advisors Inc. lifted its holdings 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. Dimensional Fund Advisors LP lifted its holdings in Tapestry by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after buying an additional 165,406 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Tapestry by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after buying an additional 46,760 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Tapestry by 235.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after buying an additional 1,051,743 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on TPR. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Wells Fargo & Company boosted their price objective on shares of Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Citigroup boosted their price objective on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. TD Cowen lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective on the stock. in a report on Tuesday, October 29th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research report on Thursday. 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.com, the company has an average rating of “Moderate Buy” and a consensus target price of $51.75.

Tapestry Price Performance

TPR opened at $51.55 on Friday. The firm has a market cap of $12.00 billion, a price-to-earnings ratio of 14.69, a price-to-earnings-growth ratio of 1.81 and a beta of 1.53. Tapestry, Inc. has a fifty-two week low of $27.20 and a fifty-two week high of $52.50. The company’s 50-day moving average price is $45.05 and its 200 day moving average price is $42.38. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. Tapestry’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.95 earnings per share. As a group, sell-side analysts expect that Tapestry, Inc. will post 4.46 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.72%. Tapestry’s payout ratio is currently 39.89%.

Tapestry Profile

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.