Mirae Asset Global Investments Co. Ltd. grew its stake in Tapestry, Inc. (NYSE:TPR – Get Rating) by 31.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 61,235 shares of the luxury accessories retailer's stock after purchasing an additional 14,759 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Tapestry were worth $2,275,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Brown Brothers Harriman & Co. grew its position in shares of Tapestry by 340.7% in the first quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer's stock valued at $25,000 after purchasing an additional 511 shares in the last quarter. Capital Analysts LLC purchased a new stake in shares of Tapestry in the first quarter valued at approximately $28,000. AllSquare Wealth Management LLC purchased a new stake in shares of Tapestry in the first quarter valued at approximately $39,000. Quent Capital LLC purchased a new stake in shares of Tapestry in the fourth quarter valued at approximately $43,000. Finally, Canada Pension Plan Investment Board grew its position in shares of Tapestry by 955.8% in the first quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer's stock valued at $41,000 after purchasing an additional 994 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on TPR. StockNews.com cut Tapestry from a "buy" rating to a "hold" rating in a report on Friday. Jefferies Financial Group upgraded Tapestry from a "hold" rating to a "buy" rating and upped their price objective for the company from $30.00 to $45.00 in a report on Wednesday, June 15th. Evercore ISI upped their price objective on Tapestry to $55.00 in a report on Monday, August 22nd. Robert W. Baird upped their price objective on Tapestry to $45.00 in a report on Monday, August 22nd. Finally, Cowen upped their price objective on Tapestry from $40.00 to $46.00 and gave the company an "outperform" rating in a report on Friday, August 19th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and a consensus price target of $47.44.

Insider Activity at Tapestry

Tapestry Stock Down 4.2 %

Shares of NYSE TPR opened at $29.66 on Monday. The stock has a market cap of $7.15 billion, a P/E ratio of 9.39, a PEG ratio of 0.62 and a beta of 1.32. The company has a current ratio of 1.75, a quick ratio of 1.08 and a debt-to-equity ratio of 0.73. Tapestry, Inc. has a 12-month low of $26.39 and a 12-month high of $47.05. The business's fifty day simple moving average is $34.33 and its 200-day simple moving average is $33.72.

Tapestry (NYSE:TPR – Get Rating) last announced its quarterly earnings data on Thursday, August 18th. The luxury accessories retailer reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.01. The business had revenue of $1.62 billion for the quarter, compared to analysts' expectations of $1.64 billion. Tapestry had a return on equity of 34.37% and a net margin of 12.81%. The company's revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the firm earned $0.74 earnings per share. As a group, equities analysts predict that Tapestry, Inc. will post 3.85 EPS for the current fiscal year.

Tapestry Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 26th. Investors of record on Friday, September 9th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 4.05%. The ex-dividend date is Thursday, September 8th. This is a positive change from Tapestry's previous quarterly dividend of $0.25. Tapestry's dividend payout ratio is 37.97%.

About Tapestry

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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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

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