Cutter & CO Brokerage Inc. Invests $268,000 in Tapestry, Inc. (NYSE:TPR)

Cutter & CO Brokerage Inc. acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,105 shares of the luxury accessories retailer’s stock, valued at approximately $268,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Blue Trust Inc. increased its position in shares of Tapestry by 107.0% during the 3rd quarter. Blue Trust Inc. now owns 2,180 shares of the luxury accessories retailer’s stock worth $93,000 after purchasing an additional 1,127 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Tapestry by 18.7% during the 3rd quarter. Private Advisor Group LLC now owns 11,593 shares of the luxury accessories retailer’s stock worth $545,000 after purchasing an additional 1,828 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Tapestry during the 3rd quarter worth about $5,446,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Tapestry by 15.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 159,703 shares of the luxury accessories retailer’s stock worth $7,656,000 after purchasing an additional 21,868 shares in the last quarter. Finally, PFG Investments LLC acquired a new stake in shares of Tapestry during the 3rd quarter worth about $217,000. 90.77% of the stock is owned by institutional investors.

Tapestry Stock Down 0.3 %

Tapestry stock opened at $84.12 on Wednesday. The company’s 50 day simple moving average is $73.44 and its 200 day simple moving average is $57.40. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The firm has a market capitalization of $17.41 billion, a price-to-earnings ratio of 24.38, a PEG 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 (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share 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 last year, the business posted $1.63 EPS. As a group, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s payout ratio is 40.58%.

Insider Buying and Selling

In related news, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction that occurred on 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $681,975.74. Following the transaction, the chief executive officer now directly owns 201,531 shares in the company, valued at $17,652,100.29. The trade was a 3.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,430 shares of company stock valued at $3,957,601 in the last 90 days. 1.18% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TPR. The Goldman Sachs Group increased their target price on shares of Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective for the company in a research report on Tuesday, February 18th. JPMorgan Chase & Co. raised their price objective on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Robert W. Baird raised their price objective on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, Evercore ISI raised their price objective 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. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus 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.