Tapestry, Inc. (NYSE:TPR) Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. boosted its position in Tapestry, Inc. (NYSE:TPR) by 0.9% in the 4th quarter, HoldingsChannel reports. The firm owned 5,954,829 shares of the luxury accessories retailer’s stock after purchasing an additional 54,647 shares during the period. Franklin Resources Inc.’s holdings in Tapestry were worth $219,197,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in TPR. Vanguard Group Inc. increased its stake in shares of Tapestry by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 31,554,418 shares of the luxury accessories retailer’s stock valued at $907,190,000 after acquiring an additional 173,111 shares during the last quarter. FMR LLC grew its holdings in shares of Tapestry by 2.0% during the 3rd quarter. FMR LLC now owns 14,018,492 shares of the luxury accessories retailer’s stock worth $403,032,000 after purchasing an additional 280,959 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Tapestry by 4.7% during the 3rd quarter. Victory Capital Management Inc. now owns 6,823,763 shares of the luxury accessories retailer’s stock worth $196,183,000 after purchasing an additional 305,658 shares during the period. Ninety One UK Ltd grew its holdings in shares of Tapestry by 12.7% during the 4th quarter. Ninety One UK Ltd now owns 5,321,308 shares of the luxury accessories retailer’s stock worth $195,877,000 after purchasing an additional 597,715 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in shares of Tapestry by 28.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 5,249,047 shares of the luxury accessories retailer’s stock worth $150,916,000 after purchasing an additional 1,154,808 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TPR. Raymond James boosted their target price on Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, January 30th. Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a report on Thursday, May 9th. The Goldman Sachs Group boosted their target price on Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, February 9th. JPMorgan Chase & Co. decreased their target price on Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Finally, Wells Fargo & Company upped their price target on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Tapestry Stock Performance

NYSE TPR traded down $0.85 during trading hours on Wednesday, hitting $41.50. The company had a trading volume of 606,672 shares, compared to its average volume of 3,767,406. Tapestry, Inc. has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77. The business has a fifty day simple moving average of $42.81 and a 200-day simple moving average of $39.60. The firm has a market cap of $9.54 billion, a P/E ratio of 11.20, a price-to-earnings-growth ratio of 0.87 and a beta of 1.61.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.14. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the company earned $0.78 earnings per share. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. Equities analysts predict that Tapestry, Inc. will post 4.22 EPS for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 24th. Stockholders of record on Friday, June 7th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.37%. Tapestry’s payout ratio is 37.04%.

Tapestry Company 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.