299,357 Shares in Tapestry Inc (TPR) Purchased by Pennsylvania Trust Co

Pennsylvania Trust Co purchased a new position in shares of Tapestry Inc (NYSE:TPR) during the first quarter, HoldingsChannel reports. The fund purchased 299,357 shares of the luxury accessories retailer’s stock, valued at approximately $14,426,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc lifted its stake in Tapestry by 1.0% during the third quarter. Vanguard Group Inc now owns 30,145,320 shares of the luxury accessories retailer’s stock worth $1,515,405,000 after purchasing an additional 301,169 shares in the last quarter. BlackRock Inc. lifted its stake in Tapestry by 4.6% during the fourth quarter. BlackRock Inc. now owns 22,031,923 shares of the luxury accessories retailer’s stock worth $743,578,000 after purchasing an additional 964,874 shares in the last quarter. FMR LLC lifted its stake in Tapestry by 7.7% during the fourth quarter. FMR LLC now owns 6,965,227 shares of the luxury accessories retailer’s stock worth $235,076,000 after purchasing an additional 500,523 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Tapestry by 27.2% during the fourth quarter. Bank of New York Mellon Corp now owns 4,947,286 shares of the luxury accessories retailer’s stock worth $166,970,000 after purchasing an additional 1,058,046 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Tapestry by 19.7% during the fourth quarter. Geode Capital Management LLC now owns 4,398,352 shares of the luxury accessories retailer’s stock worth $148,221,000 after purchasing an additional 725,349 shares in the last quarter. Institutional investors own 90.87% of the company’s stock.

TPR has been the topic of a number of research reports. Guggenheim restated a “buy” rating and set a $52.00 price target on shares of Tapestry in a research note on Tuesday, January 29th. Wells Fargo & Co reduced their price objective on Tapestry from $58.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 2nd. Canaccord Genuity reiterated a “buy” rating and issued a $58.00 price objective on shares of Tapestry in a research note on Tuesday, February 5th. Barclays upgraded Tapestry from an “equal weight” rating to an “overweight” rating and set a $47.00 price objective on the stock in a research note on Friday, January 11th. Finally, Macquarie set a $40.00 price objective on Tapestry and gave the company a “hold” rating in a research note on Friday, February 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-three have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $49.75.

NYSE:TPR opened at $30.84 on Wednesday. The firm has a market capitalization of $9.28 billion, a P/E ratio of 11.73, a price-to-earnings-growth ratio of 1.17 and a beta of 0.71. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.94 and a current ratio of 2.62. Tapestry Inc has a 12 month low of $30.05 and a 12 month high of $55.50.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 7th. The luxury accessories retailer reported $1.07 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.04). The business had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Tapestry had a net margin of 12.18% and a return on equity of 23.84%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period last year, the company earned $1.07 EPS. Analysts predict that Tapestry Inc will post 2.6 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 8th were issued a $0.3375 dividend. This represents a $1.35 annualized dividend and a yield of 4.38%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s dividend payout ratio (DPR) is presently 51.33%.

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Tapestry Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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