Swiss National Bank Boosts Stock Position in Tapestry, Inc. (NYSE:TPR)

Swiss National Bank raised its holdings in Tapestry, Inc. (NYSE:TPR) by 2.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 457,800 shares of the luxury accessories retailer’s stock after purchasing an additional 9,200 shares during the period. Swiss National Bank owned about 0.20% of Tapestry worth $29,908,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in TPR. Truvestments Capital LLC raised its holdings in Tapestry by 13.5% in the fourth quarter. Truvestments Capital LLC now owns 26,504 shares of the luxury accessories retailer’s stock valued at $1,731,000 after acquiring an additional 3,159 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Tapestry by 371.3% in the 4th quarter. Farther Finance Advisors LLC now owns 7,268 shares of the luxury accessories retailer’s stock worth $475,000 after purchasing an additional 5,726 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Tapestry by 4.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 13,192 shares of the luxury accessories retailer’s stock worth $862,000 after purchasing an additional 620 shares during the last quarter. HighTower Advisors LLC lifted its position in shares of Tapestry by 0.9% during the fourth quarter. HighTower Advisors LLC now owns 51,278 shares of the luxury accessories retailer’s stock worth $3,350,000 after purchasing an additional 481 shares during the last quarter. Finally, Pzena Investment Management LLC acquired a new position in Tapestry in the fourth quarter worth about $18,737,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. UBS Group lifted their price objective on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Jefferies Financial Group increased their target price on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Barclays lifted their price target on shares of Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $78.53.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 21,107 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the transaction, the chief executive officer now owns 176,985 shares of the company’s stock, valued at approximately $14,866,740. This represents a 10.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares in the company, valued at $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is owned by corporate insiders.

Tapestry Stock Up 1.0 %

TPR stock opened at $71.15 on Tuesday. The firm’s 50-day moving average is $76.80 and its two-hundred day moving average is $61.07. The company has a market capitalization of $14.73 billion, a price-to-earnings ratio of 20.62, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same quarter in the previous year, the business earned $1.63 EPS. On average, analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date is Thursday, March 6th. Tapestry’s payout ratio is currently 40.58%.

About Tapestry

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.