Oppenheimer Asset Management Inc. Increases Stock Position in Tapestry, Inc. (NYSE:TPR)

Oppenheimer Asset Management Inc. boosted its position in Tapestry, Inc. (NYSE:TPR) by 9.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 106,195 shares of the luxury accessories retailer’s stock after acquiring an additional 8,834 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Tapestry were worth $6,938,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. increased its stake in Tapestry by 7.5% in the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after acquiring an additional 30,121 shares during the last quarter. Apollon Wealth Management LLC bought a new position in Tapestry during the fourth quarter valued at approximately $328,000. Valley Wealth Managers Inc. grew its position in Tapestry by 2.1% during the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after acquiring an additional 8,833 shares during the last quarter. Decker Retirement Planning Inc. bought a new position in Tapestry during the fourth quarter valued at approximately $3,437,000. Finally, Westfield Capital Management Co. LP grew its position in Tapestry by 14.8% during the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after acquiring an additional 219,544 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Insider Transactions at Tapestry

In related news, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares of the company’s stock, valued at $3,397,592. This trade represents a 23.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction on Tuesday, February 25th. The shares were 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 $14,866,740. The trade was a 10.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,537 shares of company stock valued at $5,730,589. Corporate insiders own 1.18% of the company’s stock.

Tapestry Trading Up 1.3 %

NYSE:TPR opened at $85.38 on Friday. The company has a 50-day moving average price of $74.79 and a 200-day moving average price of $58.12. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month 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. The stock has a market cap of $17.67 billion, a price-to-earnings ratio of 24.75, a P/E/G ratio of 2.01 and a beta of 1.58.

Tapestry (NYSE:TPR) last posted 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 net margin of 11.74% and a return on equity of 44.00%. During the same period in the previous year, the business posted $1.63 earnings per share. Equities analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced 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. This represents a $1.40 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio is currently 40.58%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. UBS Group increased their price target on shares of Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. The Goldman Sachs Group upped their price target on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Wells Fargo & Company upped their price target on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Evercore ISI upped their price target on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $65.00 price objective on shares of Tapestry in a research 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. According to data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $78.53.

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.