Tapestry, Inc. (NYSE:TPR) Stock Position Reduced by Jacobi Capital Management LLC

Jacobi Capital Management LLC cut its stake in shares of Tapestry, Inc. (NYSE:TPRGet Rating) by 3.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,043 shares of the luxury accessories retailer’s stock after selling 519 shares during the period. Jacobi Capital Management LLC’s holdings in Tapestry were worth $633,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GSA Capital Partners LLP grew its position in Tapestry by 74.2% during the fourth quarter. GSA Capital Partners LLP now owns 15,379 shares of the luxury accessories retailer’s stock valued at $624,000 after purchasing an additional 6,550 shares in the last quarter. abrdn plc grew its position in Tapestry by 2.5% in the fourth quarter. abrdn plc now owns 91,744 shares of the luxury accessories retailer’s stock worth $3,725,000 after acquiring an additional 2,264 shares in the last quarter. Ausdal Financial Partners Inc. grew its position in Tapestry by 17.7% in the first quarter. Ausdal Financial Partners Inc. now owns 18,654 shares of the luxury accessories retailer’s stock worth $693,000 after acquiring an additional 2,800 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Tapestry by 0.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,035,577 shares of the luxury accessories retailer’s stock worth $82,645,000 after acquiring an additional 9,632 shares in the last quarter. Finally, Arizona State Retirement System grew its position in Tapestry by 0.4% in the first quarter. Arizona State Retirement System now owns 75,553 shares of the luxury accessories retailer’s stock worth $2,807,000 after acquiring an additional 306 shares in the last quarter. 89.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on TPR. Citigroup decreased their target price on shares of Tapestry from $50.00 to $46.00 in a research report on Friday, May 13th. Cowen decreased their target price on shares of Tapestry from $56.00 to $40.00 in a research report on Friday, May 13th. UBS Group decreased their target price on shares of Tapestry from $36.00 to $31.00 in a research report on Friday, July 15th. TheStreet cut shares of Tapestry from a “b” rating to a “c+” rating in a research note on Friday, May 20th. Finally, The Goldman Sachs Group reduced their price objective on shares of Tapestry from $39.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, July 21st. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $46.18.

Tapestry Price Performance

NYSE:TPR opened at $34.08 on Friday. Tapestry, Inc. has a one year low of $26.39 and a one year high of $47.05. The stock has a market cap of $8.58 billion, a P/E ratio of 10.99, a PEG ratio of 0.68 and a beta of 1.36. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.48 and a quick ratio of 0.95. The company has a fifty day moving average price of $32.71 and a 200 day moving average price of $34.69.

Tapestry (NYSE:TPRGet Rating) last announced its quarterly earnings data on Thursday, May 12th. The luxury accessories retailer reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.11. Tapestry had a net margin of 12.99% and a return on equity of 32.07%. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter in the prior year, the company posted $0.51 EPS. The business’s revenue was up 13.1% on a year-over-year basis. Analysts anticipate that Tapestry, Inc. will post 3.46 earnings per share for the current year.

Tapestry declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 12th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the luxury accessories retailer to reacquire up to 18% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 27th. Stockholders of record on Friday, June 3rd were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend was Thursday, June 2nd. Tapestry’s dividend payout ratio is 32.26%.

About Tapestry

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Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers women's accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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