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Highlights
- nstitutional ownership of Tapestry now stands at 90.77%, with several adjustments made in stock positions by hedge funds and institutional investors.
- Tapestry reported a strong quarterly EPS, surpassing consensus estimates with a net margin of 11.74%.
- The company has announced a quarterly dividend, reflecting a 1.57% yield, alongside optimistic market sentiment with 14 buy ratings from analysts.
Recent disclosures reveal that the Louisiana State Employees Retirement System reduced its holdings in Tapestry, Inc. by 3.8% in the fourth quarter. This adjustment brought its total shares to 12,500, valued at $817,000. Meanwhile, new stakes were acquired by Waldron Private Wealth LLC and Brooklyn Investment Group during the third quarter. Several other institutional investors bolstered their stakes, including UMB Bank n.a., Deseret Mutual Benefit Administrators, and Transamerica Financial Advisors Inc.
Stock Market Performance
The shares of Tapestry, Inc. opened at $88.99, indicating positive market movement. Over the past year, the company experienced a trading range with lows at $35.23 and highs at $90.85. Currently, Tapestry boasts a market capitalization of $20.74 billion and is trading with a price-to-earnings ratio of 25.80. Analysts have projected robust earnings per share for the current year, estimated at 4.7.
Strong Financial Results
Recently, Tapestry reported its quarterly earnings, revealing an earnings per share of $2.00, outperforming the consensus estimate of $1.70. The company demonstrated a return on equity of 44.00%, highlighting solid financial management. Following the earnings announcement, Tapestry declared a quarterly dividend of $0.35 per share, providing shareholders with a 1.57% yield. The ex-dividend date is marked for Thursday, March 6th.
Analyst Sentiments and Predictions
Analysts have shown a strong interest in Tapestry's stock, with several upgrades in target prices. Telsey Advisory Group and UBS Group increased target prices to $83.00 and $80.00, respectively. Bank of America and Raymond James have also presented optimistic ratings, reflecting a positive outlook for the company. The consensus rating on MarketBeat.com remains a "Moderate Buy," with a consensus price target of $76.63.
Tapestry, Inc. is a luxury accessories retailer, providing products globally across the United States, Japan, Greater China, and other international markets. It operates through segments including Coach, Kate Spade, and Stuart Weitzman, offering a range of women's handbags and accessories.
