WESCAP Management Group Inc. Has $454,000 Stake in Tapestry, Inc. (NYSE:TPR)

WESCAP Management Group Inc. reduced its position in shares of Tapestry, Inc. (NYSE:TPR) by 29.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,346 shares of the luxury accessories retailer’s stock after selling 5,205 shares during the period. WESCAP Management Group Inc.’s holdings in Tapestry were worth $454,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of TPR. Axxcess Wealth Management LLC bought a new stake in Tapestry during the 4th quarter worth about $298,000. Benjamin F. Edwards & Company Inc. bought a new stake in Tapestry during the 4th quarter worth about $117,000. Los Angeles Capital Management LLC bought a new stake in Tapestry during the 4th quarter worth about $14,839,000. First Horizon Advisors Inc. lifted its position in Tapestry by 334.7% during the 4th quarter. First Horizon Advisors Inc. now owns 1,504 shares of the luxury accessories retailer’s stock worth $55,000 after buying an additional 1,158 shares in the last quarter. Finally, New York Life Investment Management LLC lifted its position in Tapestry by 1.0% during the 4th quarter. New York Life Investment Management LLC now owns 57,661 shares of the luxury accessories retailer’s stock worth $2,123,000 after buying an additional 562 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on TPR shares. Evercore ISI raised shares of Tapestry from an “in-line” rating to an “outperform” rating and upped their target price for the company from $30.00 to $50.00 in a report on Monday, February 5th. The Goldman Sachs Group upped their price target on shares of Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Raymond James upped their price target on shares of Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, January 30th. Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a research note on Wednesday, March 27th. Finally, Wells Fargo & Company upped their price target on shares of Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.81.

Tapestry Price Performance

Shares of Tapestry stock traded up $0.45 on Friday, reaching $39.24. 3,309,937 shares of the stock were exchanged, compared to its average volume of 4,157,360. The firm’s 50 day moving average is $44.29 and its 200-day moving average is $38.40. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. The firm has a market cap of $9.00 billion, a PE ratio of 9.91, a P/E/G ratio of 0.81 and a beta of 1.61.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the prior year, the firm posted $1.36 EPS. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, analysts anticipate that Tapestry, Inc. will post 4.23 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s payout ratio is 35.35%.

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.