Oppenheimer Asset Management Inc. Buys 9,142 Shares of Tapestry, Inc. (NYSE:TPR)

Oppenheimer Asset Management Inc. raised its position in shares of Tapestry, Inc. (NYSE:TPR) by 10.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 97,361 shares of the luxury accessories retailer’s stock after acquiring an additional 9,142 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Tapestry were worth $4,574,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Waldron Private Wealth LLC purchased a new position in Tapestry during the 3rd quarter valued at $25,000. Massmutual Trust Co. FSB ADV boosted its stake in shares of Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after purchasing an additional 328 shares during the period. Blue Trust Inc. grew its holdings in shares of Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 556 shares during the last quarter. MUFG Securities EMEA plc increased its stake in Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after buying an additional 317 shares during the period. Finally, Chilton Capital Management LLC bought a new stake in Tapestry during the 2nd quarter valued at about $53,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Trading Down 1.0 %

Tapestry stock opened at $57.23 on Friday. Tapestry, Inc. has a 52 week low of $29.83 and a 52 week high of $58.49. The stock has a 50-day moving average price of $46.55 and a 200 day moving average price of $42.95. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $13.34 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.95 earnings per share. Sell-side analysts anticipate that Tapestry, Inc. will post 4.54 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors 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 2.45%. The ex-dividend date is Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Analysts Set New Price Targets

Several research analysts have commented on TPR shares. The Goldman Sachs Group lifted their target price on Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research report on Friday. 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. Guggenheim increased their target price on shares of Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday. TD Cowen lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a report on Tuesday, October 29th. Finally, StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Five 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.69.

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.