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Jul 22, 2023

Tapestry, Inc. (NYSE:TPR) Position Boosted by King Luther Capital Management Corp

King Luther Capital Management Corp lifted its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 10.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC.

King Luther Capital Management Corp lifted its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 10.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 573,508 shares of the luxury accessories retailer's stock after purchasing an additional 52,191 shares during the period. King Luther Capital Management Corp owned about 0.24% of Tapestry worth $24,724,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. BOKF NA acquired a new stake in Tapestry during the first quarter worth about $75,000. Jones Financial Companies Lllp raised its stake in Tapestry by 10.8% during the first quarter. Jones Financial Companies Lllp now owns 4,035 shares of the luxury accessories retailer's stock worth $174,000 after acquiring an additional 394 shares during the period. M&T Bank Corp increased its stake in shares of Tapestry by 1.6% in the first quarter. M&T Bank Corp now owns 77,706 shares of the luxury accessories retailer's stock valued at $3,350,000 after purchasing an additional 1,215 shares during the period. Cerity Partners LLC acquired a new position in shares of Tapestry during the first quarter valued at approximately $685,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Tapestry by 177.2% during the first quarter. Envestnet Asset Management Inc. now owns 663,858 shares of the luxury accessories retailer's stock valued at $8,497,000 after acquiring an additional 424,350 shares during the period. Institutional investors own 92.12% of the company's stock.

A number of research analysts recently commented on the stock. Sanford C. Bernstein upgraded shares of Tapestry from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $50.00 to $55.00 in a research note on Monday, May 15th. Barclays raised shares of Tapestry from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $47.00 to $59.00 in a research note on Tuesday, August 1st. JPMorgan Chase & Co. lifted their target price on shares of Tapestry from $54.00 to $56.00 and gave the company an "overweight" rating in a research note on Friday, August 18th. Citigroup decreased their target price on shares of Tapestry from $50.00 to $48.00 and set a "buy" rating for the company in a research note on Friday, August 18th. Finally, Raymond James decreased their target price on shares of Tapestry from $50.00 to $47.00 and set an "outperform" rating for the company in a research note on Friday, August 18th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and an average price target of $50.46.

Get Our Latest Research Report on TPR

Shares of Tapestry stock traded up $0.05 during midday trading on Monday, reaching $33.04. 189,743 shares of the company's stock traded hands, compared to its average volume of 3,425,370. The company has a market cap of $7.51 billion, a price-to-earnings ratio of 8.50, a price-to-earnings-growth ratio of 0.69 and a beta of 1.46. The company's 50 day simple moving average is $40.76 and its 200 day simple moving average is $41.51. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.12 and a current ratio of 1.84. Tapestry, Inc. has a 52 week low of $27.53 and a 52 week high of $47.48.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, August 17th. The luxury accessories retailer reported $0.95 earnings per share for the quarter, missing analysts' consensus estimates of $0.97 by ($0.02). The business had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.65 billion. Tapestry had a net margin of 14.05% and a return on equity of 41.10%. The firm's revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.78 EPS. Equities analysts expect that Tapestry, Inc. will post 4.13 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Friday, September 8th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 4.24%. The ex-dividend date of this dividend is Thursday, September 7th. This is an increase from Tapestry's previous quarterly dividend of $0.30. Tapestry's dividend payout ratio (DPR) is 30.93%.

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 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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