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Assetmark Inc. increases stake in Tapestry, Inc. (NYSE:TPR)


Assetmark Inc. his interest in shares of Tapestry, Inc. grew. (NYSE:TPR – Free Report) up 11,837.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The company owned 26,620 shares of the luxury accessories retailer after purchasing an additional 26,397 shares during the period. The interests of Assetmark Inc. in Tapestry were worth $980,000 at the time of the most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TPR. Bell Investment Advisors Inc increased its position in Tapestry by 718.1% during the third quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock worth $27,000 after purchasing an additional 833 shares during the period. AllSquare Wealth Management LLC increased its holdings in Tapestry by 35.1% in the third quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock worth $47,000 after purchasing an additional 423 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in Tapestry by 56.9% in the third quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock worth $53,000 after purchasing an additional 668 shares during the period. First Horizon Advisors Inc. increased its stake in shares of Tapestry by 334.7% in the fourth quarter. First Horizon Advisors Inc. now owns 1,504 shares of the luxury accessories retailer’s stock worth $55,000, after acquiring an additional 1,158 shares during the period. Finally, Quadrant Capital Group LLC increased its position in shares of Tapestry by 130.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,500 shares of the luxury accessories retailer’s stock worth $55,000 after acquiring an additional 848 shares in the last quarter. Institutional investors own 90.77% of the company’s shares.

Tapestries rise 2.3%

Shares of Tapestry opened at $42.30 on Tuesday. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month 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 company has a 50-day moving average of $42.38 and a 200-day moving average of $40.00. The company has a market cap of $9.72 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 0.92, and a beta of 1.61.

Tapestry (NYSE:TPR – Get Free Report) last announced its quarterly results on Thursday, May 9. The luxury accessories retailer reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.14. The company had revenue of $1.48 billion during the quarter, compared to analyst expectations of $1.50 billion. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The company’s revenue for the quarter decreased 2.0% compared to the same quarter last year. During the same quarter last year, the company posted earnings per share of $0.78. Equity research analysts expect Tapestry, Inc. will post a profit per share of 4.22 for the current financial year.

Tapestry dividend announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 24. A dividend of $0.35 will be paid to shareholders of record on Friday, June 7. The ex-dividend date is Friday, June 7. This represents a dividend of $1.40 annually and a dividend yield of 3.31%. Tapestry’s payout ratio currently stands at 37.04%.

Wall Street analysts predict growth

Several equity research analysts recently weighed in on TPR stock. Evercore ISI upgraded Tapestry from an “in-line” rating to an “outperform” rating and raised their price target for the company from $30.00 to $50.00 in a research report on Monday, February 5. The Goldman Sachs Group raised their price target on shares of Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, February 9. Jefferies Financial Group downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research note on Thursday, February 29. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, May 23. Finally, Raymond James raised their price objective on shares of Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, January 30. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $48.31.

Get our latest stock report on TPR

Carpet profile

(Free report)

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 handbags for women; and women’s accessories, such as small leather goods including mini and micro handbags, coins, wristbands, pouches and cosmetic cases, as well as new accessories including address books, time management and travel accessories, sketchbooks and wallets; and belts, key rings and charms.

Read further

Quarterly Institutional Ownership for Tapestry (NYSE:TPR)



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