Bray Capital Advisors Buys 2,000 Shares of Tapestry Inc (TPR)

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Bray Capital Advisors grew its stake in shares of Tapestry Inc (NYSE:TPR) by 100.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,000 shares of the luxury accessories retailer’s stock after purchasing an additional 2,000 shares during the quarter. Bray Capital Advisors’ holdings in Tapestry were worth $201,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. lifted its stake in shares of Tapestry by 15.5% during the second quarter. BlackRock Inc. now owns 20,772,651 shares of the luxury accessories retailer’s stock worth $970,290,000 after purchasing an additional 2,780,915 shares in the last quarter. FMR LLC lifted its stake in shares of Tapestry by 19.8% during the second quarter. FMR LLC now owns 8,097,454 shares of the luxury accessories retailer’s stock worth $378,232,000 after purchasing an additional 1,335,513 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Tapestry by 14.3% during the second quarter. American Century Companies Inc. now owns 7,698,002 shares of the luxury accessories retailer’s stock worth $359,574,000 after purchasing an additional 965,693 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Tapestry by 1.0% during the second quarter. Renaissance Technologies LLC now owns 5,915,500 shares of the luxury accessories retailer’s stock worth $276,313,000 after purchasing an additional 59,100 shares in the last quarter. Finally, Voya Investment Management LLC lifted its stake in shares of Tapestry by 147.7% during the second quarter. Voya Investment Management LLC now owns 5,210,305 shares of the luxury accessories retailer’s stock worth $243,373,000 after purchasing an additional 3,107,067 shares in the last quarter. Institutional investors own 90.19% of the company’s stock.

Several research analysts recently commented on TPR shares. Needham & Company LLC upgraded Tapestry from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, October 16th. They noted that the move was a valuation call. Goldman Sachs Group set a $61.00 price target on Tapestry and gave the stock a “buy” rating in a research note on Wednesday, August 15th. Canaccord Genuity cut their price target on Tapestry to $55.00 and set a “buy” rating on the stock in a research note on Monday, August 13th. Loop Capital cut Tapestry from a “buy” rating to a “hold” rating and cut their price target for the stock from $59.00 to $45.00 in a research note on Monday, October 15th. Finally, Evercore ISI cut Tapestry to a “hold” rating in a research note on Monday, October 15th. Ten analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $54.50.

In other news, insider Ian Bickley sold 48,071 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $52.13, for a total transaction of $2,505,941.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ivan Menezes sold 2,068 shares of the company’s stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $50.70, for a total value of $104,847.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,602 shares of company stock valued at $2,633,939. 0.70% of the stock is owned by corporate insiders.

Shares of Tapestry stock opened at $42.31 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.74 and a quick ratio of 1.87. The stock has a market capitalization of $11.68 billion, a P/E ratio of 16.09, a PEG ratio of 1.24 and a beta of 0.43. Tapestry Inc has a fifty-two week low of $39.28 and a fifty-two week high of $55.50.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.35 billion. Tapestry had a return on equity of 24.73% and a net margin of 9.00%. Tapestry’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 earnings per share. Equities research analysts anticipate that Tapestry Inc will post 2.77 earnings per share for the current fiscal year.

About Tapestry

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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