American International Group Inc. trimmed its position in Tapestry Inc (NYSE:TPR) by 4.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,656,578 shares of the luxury accessories retailer’s stock after selling 510,806 shares during the period. Tapestry makes up approximately 1.9% of American International Group Inc.’s portfolio, making the stock its 10th biggest position. American International Group Inc.’s holdings in Tapestry were worth $544,479,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Lee Danner & Bass Inc. increased its position in Tapestry by 1.3% in the 1st quarter. Lee Danner & Bass Inc. now owns 83,090 shares of the luxury accessories retailer’s stock valued at $4,371,000 after buying an additional 1,093 shares in the last quarter. Baird Financial Group Inc. increased its position in Tapestry by 1.5% in the 1st quarter. Baird Financial Group Inc. now owns 73,131 shares of the luxury accessories retailer’s stock valued at $3,847,000 after buying an additional 1,096 shares in the last quarter. Natixis Advisors L.P. increased its position in Tapestry by 7.1% in the 1st quarter. Natixis Advisors L.P. now owns 18,630 shares of the luxury accessories retailer’s stock valued at $980,000 after buying an additional 1,236 shares in the last quarter. Systematic Financial Management LP increased its position in Tapestry by 16.4% in the 1st quarter. Systematic Financial Management LP now owns 8,850 shares of the luxury accessories retailer’s stock valued at $466,000 after buying an additional 1,250 shares in the last quarter. Finally, Westpac Banking Corp increased its position in Tapestry by 0.4% in the 2nd quarter. Westpac Banking Corp now owns 342,103 shares of the luxury accessories retailer’s stock valued at $15,980,000 after buying an additional 1,300 shares in the last quarter. 90.23% of the stock is owned by institutional investors and hedge funds.

TPR has been the subject of a number of analyst reports. Oppenheimer lifted their price target on Tapestry from $60.00 to $65.00 in a research note on Monday, April 30th. Canaccord Genuity set a $59.00 price target on Tapestry and gave the company a “buy” rating in a research note on Friday, April 27th. Guggenheim reiterated a “buy” rating and set a $65.00 price target on shares of Tapestry in a research note on Friday, April 27th. Buckingham Research initiated coverage on Tapestry in a research note on Friday, April 20th. They set a “buy” rating and a $62.00 price target for the company. Finally, Wells Fargo & Co reiterated a “buy” rating on shares of Tapestry in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $56.10.

Shares of NYSE TPR opened at $51.41 on Friday. Tapestry Inc has a twelve month low of $38.70 and a twelve month high of $55.50. The company has a market capitalization of $13.80 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 1.46 and a beta of 0.40. The company has a current ratio of 2.66, a quick ratio of 1.83 and a debt-to-equity ratio of 0.51.

Tapestry (NYSE:TPR) last announced its earnings results on Tuesday, August 14th. The luxury accessories retailer reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Tapestry had a return on equity of 24.12% and a net margin of 6.10%. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the previous year, the business earned $0.50 EPS. The company’s revenue was up 30.9% compared to the same quarter last year. analysts forecast that Tapestry Inc will post 2.59 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 7th will be paid a $0.3375 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $1.35 dividend on an annualized basis and a dividend yield of 2.63%. Tapestry’s payout ratio is presently 62.79%.

Tapestry Profile

Tapestry, Inc provides luxury accessories and lifestyle brands. It offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, sunglasses, watches, novelty accessories, and ready-to-wear for men.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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