QRG Capital Management Inc. Purchases 430 Shares of Tapestry, Inc. (NYSE:TPR)

QRG Capital Management Inc. raised its position in Tapestry, Inc. (NYSE:TPR) by 3.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,747 shares of the luxury accessories retailer’s stock after buying an additional 430 shares during the period. QRG Capital Management Inc.’s holdings in Tapestry were worth $833,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of TPR. Private Advisor Group LLC increased its position in shares of Tapestry by 18.7% during the third quarter. Private Advisor Group LLC now owns 11,593 shares of the luxury accessories retailer’s stock valued at $545,000 after acquiring an additional 1,828 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Tapestry by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 26,701 shares of the luxury accessories retailer’s stock valued at $1,254,000 after purchasing an additional 1,815 shares during the last quarter. abrdn plc increased its position in shares of Tapestry by 4.7% during the 3rd quarter. abrdn plc now owns 39,127 shares of the luxury accessories retailer’s stock valued at $1,840,000 after purchasing an additional 1,756 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Tapestry by 7.2% during the 3rd quarter. Van ECK Associates Corp now owns 111,184 shares of the luxury accessories retailer’s stock worth $4,841,000 after purchasing an additional 7,493 shares during the period. Finally, Asset Management One Co. Ltd. boosted its holdings in shares of Tapestry by 22.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 4,558 shares of the luxury accessories retailer’s stock worth $214,000 after buying an additional 832 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Insider Transactions at Tapestry

In other Tapestry 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 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 SEC, which can be accessed through this hyperlink. Also, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction 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 completion of the transaction, the chief executive officer now owns 201,531 shares in the company, valued at approximately $17,652,100.29. The trade was a 3.72 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on TPR shares. UBS Group raised their price objective on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Jefferies Financial Group raised their price target on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Wells Fargo & Company upped their price objective on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Morgan Stanley reissued an “equal weight” rating and issued a $65.00 target price on shares of Tapestry in a research report on Tuesday, January 21st. Finally, Daiwa America upgraded Tapestry to a “hold” rating in a research note on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $78.53.

Tapestry Stock Performance

Tapestry stock opened at $84.04 on Tuesday. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year 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 firm has a market capitalization of $17.40 billion, a PE ratio of 24.36, a price-to-earnings-growth ratio of 2.01 and a beta of 1.58. The firm’s 50 day simple moving average is $75.17 and its 200 day simple moving average is $58.72.

Tapestry (NYSE:TPR) last released its quarterly earnings results 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 period in the previous year, the company earned $1.63 EPS. As a group, analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.67%. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

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.