Tapestry, Inc. (NYSE:TPR) Shares Sold by American Century Companies Inc.

American Century Companies Inc. lessened its stake in Tapestry, Inc. (NYSE:TPR) by 0.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,636,131 shares of the luxury accessories retailer’s stock after selling 26,513 shares during the period. American Century Companies Inc.’s holdings in Tapestry were worth $155,590,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. MGO One Seven LLC increased its position in Tapestry by 1.8% in the 2nd quarter. MGO One Seven LLC now owns 67,529 shares of the luxury accessories retailer’s stock valued at $2,890,000 after acquiring an additional 1,195 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Tapestry by 22.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 9,239 shares of the luxury accessories retailer’s stock valued at $395,000 after purchasing an additional 1,691 shares in the last quarter. Choreo LLC purchased a new stake in Tapestry in the 2nd quarter valued at approximately $242,000. Paralel Advisors LLC purchased a new stake in Tapestry in the 2nd quarter valued at approximately $2,057,000. Finally, Gallacher Capital Management LLC purchased a new stake in Tapestry in the 2nd quarter valued at approximately $705,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Price Performance

TPR stock opened at $42.04 on Friday. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. The stock’s 50 day moving average price is $40.47 and its 200 day moving average price is $42.22. The firm has a market cap of $9.66 billion, a P/E ratio of 11.12, a PEG ratio of 1.50 and a beta of 1.54.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the company earned $0.95 EPS. Tapestry’s revenue was down 1.8% on a year-over-year basis. On average, sell-side analysts expect that Tapestry, Inc. will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 3.33%. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on TPR shares. Argus reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Tapestry in a report on Tuesday, June 18th. Citigroup lowered their price objective on Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. JPMorgan Chase & Co. lowered their price objective on Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. UBS Group lowered their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Finally, StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th. Five investment 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 a consensus target price of $46.13.

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.