Pictet Asset Management Holding SA Grows Position in Tapestry, Inc. (NYSE:TPR)

Pictet Asset Management Holding SA increased its position in Tapestry, Inc. (NYSE:TPR) by 767.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 464,478 shares of the luxury accessories retailer’s stock after buying an additional 410,918 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Tapestry were worth $30,344,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Tapestry in the fourth quarter valued at about $114,199,000. Erste Asset Management GmbH bought a new stake in shares of Tapestry in the third quarter worth about $64,016,000. WT Asset Management Ltd purchased a new position in Tapestry during the 4th quarter valued at about $42,762,000. Raymond James Financial Inc. bought a new position in Tapestry during the 4th quarter valued at approximately $38,180,000. Finally, Keystone Investors PTE Ltd. purchased a new stake in Tapestry in the 4th quarter worth approximately $26,541,000. 90.77% of the stock is currently owned by institutional investors.

Tapestry Stock Down 3.4 %

Shares of NYSE:TPR opened at $70.25 on Monday. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The stock has a market capitalization of $14.54 billion, a price-to-earnings ratio of 20.36, a PEG ratio of 2.01 and a beta of 1.57. The stock has a fifty day simple moving average of $77.65 and a two-hundred day simple moving average of $63.09. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last posted 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 return on equity of 44.00% and a net margin of 11.74%. During the same period last year, the firm posted $1.63 earnings per share. On average, research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.99%. Tapestry’s dividend payout ratio is presently 40.58%.

Insider Activity

In other news, CEO Todd Kahn sold 7,786 shares of the company’s 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 transaction, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at $17,652,100.29. This represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock worth $5,730,589 over the last 90 days. 1.18% of the stock is currently owned by insiders.

Analyst Ratings Changes

TPR has been the topic of several research analyst reports. Guggenheim boosted their target price on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Evercore ISI upped their price objective on shares of Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $65.00 target price on shares of Tapestry in a research report on Tuesday, January 21st. Jefferies Financial Group boosted their price target on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Finally, Raymond James restated an “outperform” rating and issued a $88.00 price objective (up from $79.00) on shares of Tapestry in a report on Friday, February 7th. 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 company presently has an average rating of “Moderate Buy” and a consensus target price 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.