Quartz Partners LLC Raises Stock Position in Tapestry, Inc. (NYSE:TPR)

Quartz Partners LLC boosted its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 7.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,895 shares of the luxury accessories retailer’s stock after acquiring an additional 818 shares during the period. Quartz Partners LLC’s holdings in Tapestry were worth $777,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Venturi Wealth Management LLC raised its stake in shares of Tapestry by 78.0% in the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after buying an additional 252 shares during the period. Brooklyn Investment Group bought a new position in Tapestry in the 3rd quarter valued at $47,000. Deseret Mutual Benefit Administrators boosted its holdings in shares of Tapestry by 68.2% in the third quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after purchasing an additional 605 shares during the period. Transamerica Financial Advisors Inc. increased its position in Tapestry by 159,100.0% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock valued at $75,000 after purchasing an additional 1,591 shares during the period. Finally, UMB Bank n.a. lifted its stake in shares of Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after purchasing an additional 496 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TPR has been the topic of a number of research reports. Barclays increased their price objective on shares of Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. JPMorgan Chase & Co. upped their price objective on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Guggenheim lifted their target price on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 7th. Wells Fargo & Company boosted their target price on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, Daiwa America upgraded shares of Tapestry to a “hold” rating in a research note on Monday, November 18th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Tapestry Price Performance

Shares of Tapestry stock opened at $84.60 on Monday. The company has a market cap of $17.51 billion, a PE ratio of 24.52, a price-to-earnings-growth ratio of 2.01 and a beta of 1.58. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The firm has a fifty day moving average price of $72.63 and a two-hundred day moving average price of $56.75.

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

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.65%. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Insider Buying and Selling at Tapestry

In related news, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the transaction, the general counsel now directly owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.18% of the company’s stock.

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.