TCTC Holdings LLC Sells 600 Shares of Tapestry, Inc. (NYSE:TPR)

TCTC Holdings LLC trimmed its holdings in Tapestry, Inc. (NYSE:TPR) by 5.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,300 shares of the luxury accessories retailer’s stock after selling 600 shares during the period. TCTC Holdings LLC’s holdings in Tapestry were worth $484,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. CWA Asset Management Group LLC purchased a new stake in shares of Tapestry in the third quarter worth about $2,785,000. Capital Performance Advisors LLP bought a new stake in shares of Tapestry during the 3rd quarter valued at about $242,000. Lifestyle Asset Management Inc. grew its holdings in shares of Tapestry by 3.3% during the third quarter. Lifestyle Asset Management Inc. now owns 24,653 shares of the luxury accessories retailer’s stock worth $1,158,000 after purchasing an additional 790 shares in the last quarter. Deseret Mutual Benefit Administrators increased its position in shares of Tapestry by 68.2% in the third quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after purchasing an additional 605 shares during the last quarter. Finally, Poplar Forest Capital LLC lifted its position in Tapestry by 14.4% during the third quarter. Poplar Forest Capital LLC now owns 364,598 shares of the luxury accessories retailer’s stock valued at $17,129,000 after purchasing an additional 45,756 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Trading Up 1.3 %

NYSE:TPR opened at $52.22 on Friday. Tapestry, Inc. has a 12 month low of $27.55 and a 12 month high of $52.50. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The company has a 50-day moving average price of $45.28 and a 200-day moving average price of $42.47. The stock has a market cap of $12.16 billion, a price-to-earnings ratio of 15.09, a P/E/G ratio of 1.81 and a beta of 1.53.

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

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.68%. The ex-dividend date is Friday, December 6th. Tapestry’s payout ratio is currently 40.46%.

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of research analyst reports. The Goldman Sachs Group lifted their price objective on shares of Tapestry from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, October 21st. JPMorgan Chase & Co. increased their price objective on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Citigroup boosted their target price on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Robert W. Baird lifted their price target on shares of Tapestry from $53.00 to $58.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Wells Fargo & Company increased their target price on shares of Tapestry from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and an average price target of $53.06.

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.