Polymer Capital Management HK LTD Buys Shares of 160,342 Tapestry, Inc. (NYSE:TPR)

Polymer Capital Management HK LTD purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 160,342 shares of the luxury accessories retailer’s stock, valued at approximately $10,475,000. Tapestry comprises 1.8% of Polymer Capital Management HK LTD’s investment portfolio, making the stock its 13th largest holding. Polymer Capital Management HK LTD owned 0.07% of Tapestry at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Venturi Wealth Management LLC increased its position in 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 last quarter. UMB Bank n.a. raised its stake in Tapestry by 72.9% in the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock valued at $77,000 after acquiring an additional 496 shares during the period. Brown Brothers Harriman & Co. raised its stake in Tapestry by 1,792.1% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer’s stock valued at $78,000 after acquiring an additional 1,129 shares during the period. Atlas Capital Advisors Inc. lifted its holdings in Tapestry by 527.2% during the fourth quarter. Atlas Capital Advisors Inc. now owns 1,267 shares of the luxury accessories retailer’s stock valued at $83,000 after purchasing an additional 1,065 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. bought a new position in Tapestry during the fourth quarter worth about $95,000. Institutional investors own 90.77% of the company’s stock.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the transaction, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at $17,652,100.29. The trade was a 3.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The shares were 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 owns 146,587 shares of the company’s stock, valued at $12,688,570.72. The trade was a 14.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,537 shares of company stock valued at $5,730,589 over the last three months. Insiders own 1.18% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $65.00 price objective on shares of Tapestry in a report on Tuesday, January 21st. The Goldman Sachs Group raised their price target on Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Telsey Advisory Group increased their price objective on Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. JPMorgan Chase & Co. raised their target price on Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Monday, March 31st. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Tapestry Trading Down 3.6 %

Shares of TPR stock opened at $62.78 on Friday. The business has a 50-day moving average price of $77.22 and a two-hundred day moving average price of $63.87. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. 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 firm has a market cap of $13.00 billion, a P/E ratio of 18.20, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57.

Tapestry (NYSE:TPR) last issued its 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 return on equity of 44.00% and a net margin of 11.74%. During the same period last year, the company earned $1.63 earnings per share. Equities analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry’s payout ratio is presently 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.