FIL Ltd Purchases Shares of 58,470 Tapestry, Inc. (NYSE:TPR)

FIL Ltd acquired a new position in Tapestry, Inc. (NYSE:TPR) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 58,470 shares of the luxury accessories retailer’s stock, valued at approximately $3,820,000.

A number of other institutional investors also recently made changes to their positions in the business. Krane Funds Advisors LLC bought a new stake in Tapestry in the fourth quarter valued at approximately $304,000. Bank of Montreal Can raised its holdings in Tapestry by 21.1% during the 4th quarter. Bank of Montreal Can now owns 1,506,297 shares of the luxury accessories retailer’s stock valued at $98,406,000 after buying an additional 262,227 shares during the last quarter. Cerity Partners LLC raised its holdings in Tapestry by 6.2% during the 4th quarter. Cerity Partners LLC now owns 123,341 shares of the luxury accessories retailer’s stock valued at $7,667,000 after buying an additional 7,235 shares during the last quarter. Polymer Capital Management HK LTD purchased a new stake in Tapestry during the 4th quarter valued at $10,475,000. Finally, Russell Investments Group Ltd. grew its holdings in Tapestry by 6.2% in the 4th quarter. Russell Investments Group Ltd. now owns 130,208 shares of the luxury accessories retailer’s stock worth $8,506,000 after acquiring an additional 7,640 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

TPR has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their target price on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Robert W. Baird raised their target price on shares of Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Wells Fargo & Company boosted 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. Jefferies Financial Group increased 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. Finally, Guggenheim upped their target price on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus price target of $77.63.

Tapestry Price Performance

TPR opened at $63.40 on Friday. The stock has a 50-day moving average price of $75.82 and a 200-day moving average price of $64.69. The firm has a market cap of $13.13 billion, a PE ratio of 18.38, a P/E/G ratio of 2.01 and a beta of 1.37. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. 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 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 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. Sell-side analysts predict 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 was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry’s dividend payout ratio is presently 40.58%.

Insider Activity at Tapestry

In other Tapestry news, CEO Todd Kahn sold 7,786 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the sale, the chief executive officer now owns 201,531 shares in the company, 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 through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction 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 completion of 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 66,537 shares of company stock worth $5,730,589. Corporate insiders own 1.18% of the company’s stock.

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.