Cypress Capital Group Has $820,000 Holdings in Tapestry, Inc. (NYSE:TPR)

Cypress Capital Group lessened its stake in Tapestry, Inc. (NYSE:TPR) by 6.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 19,171 shares of the luxury accessories retailer’s stock after selling 1,355 shares during the quarter. Cypress Capital Group’s holdings in Tapestry were worth $820,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in TPR. Balyasny Asset Management L.P. acquired a new position in shares of Tapestry in the fourth quarter valued at approximately $102,531,000. Capital Research Global Investors boosted its holdings in Tapestry by 77.2% during the fourth quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer’s stock worth $211,611,000 after purchasing an additional 2,504,135 shares during the last quarter. Norges Bank acquired a new position in Tapestry during the fourth quarter worth $79,352,000. Fiera Capital Corp acquired a new position in Tapestry during the fourth quarter worth $52,121,000. Finally, Clearbridge Investments LLC acquired a new position in Tapestry during the first quarter worth $54,055,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TPR. JPMorgan Chase & Co. dropped their price target on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Evercore ISI dropped their price target on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Bernstein Bank increased their price objective on shares of Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. Wells Fargo & Company dropped their price objective on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Finally, UBS Group dropped their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $46.13.

Tapestry Price Performance

Shares of Tapestry stock traded down $0.57 during midday trading on Monday, hitting $41.09. 268,873 shares of the company traded hands, compared to its average volume of 3,317,009. The stock has a market cap of $9.44 billion, a price-to-earnings ratio of 11.02, a PEG ratio of 0.79 and a beta of 1.59. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59. The firm’s fifty day moving average price is $40.58 and its 200-day moving average price is $42.59. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the firm posted $0.95 EPS. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Tapestry, Inc. will post 4.24 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be given a $0.35 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.41%. Tapestry’s dividend payout ratio (DPR) is currently 37.04%.

Tapestry 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.