Primecap Management Co. CA Has $26.60 Million Holdings in Tapestry, Inc. (NYSE:TPR)

Primecap Management Co. CA lessened its stake in shares of Tapestry, Inc. (NYSE:TPR) by 39.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 407,095 shares of the luxury accessories retailer’s stock after selling 268,510 shares during the quarter. Primecap Management Co. CA’s holdings in Tapestry were worth $26,596,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TPR. Erste Asset Management GmbH acquired a new stake in Tapestry during the 3rd quarter worth about $64,016,000. WT Asset Management Ltd acquired a new stake in Tapestry during the 4th quarter worth about $42,762,000. Raymond James Financial Inc. acquired a new stake in Tapestry during the 4th quarter worth about $38,180,000. Bank of Montreal Can raised its holdings in Tapestry by 76.6% during the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock worth $59,641,000 after buying an additional 539,793 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after purchasing an additional 382,856 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Up 3.5 %

Shares of Tapestry stock opened at $73.49 on Thursday. The stock has a market capitalization of $15.21 billion, a P/E ratio of 21.30, a PEG ratio of 2.01 and a beta of 1.57. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The stock has a 50 day moving average price of $76.97 and a two-hundred day moving average price of $61.37. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating 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 period in the previous year, the business earned $1.63 earnings per share. Equities analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be given a $0.35 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.91%. Tapestry’s dividend payout ratio is 40.58%.

Analyst Ratings Changes

TPR has been the topic of a number of research reports. Redburn Atlantic upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price on the stock in a report on Tuesday, February 18th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. upped their target price on Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Raymond James reiterated an “outperform” rating and issued a $88.00 target price (up previously from $79.00) on shares of Tapestry in a report on Friday, February 7th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $65.00 target price on shares of Tapestry in a report on Tuesday, January 21st. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Insider Activity

In other news, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the completion of the sale, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. This represents a 14.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Kahn sold 7,786 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the transaction, the chief executive officer now owns 201,531 shares of the company’s stock, valued at $17,652,100.29. The trade was a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is owned by company insiders.

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.