Cornerstone Capital Management Holdings LLC. acquired a new position in Tapestry (NYSE:TPR) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 126,317 shares of the luxury accessories retailer’s stock, valued at approximately $5,586,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. TIAA CREF Investment Management LLC bought a new stake in Tapestry in the 4th quarter worth approximately $68,164,000. Teachers Advisors LLC bought a new stake in shares of Tapestry during the 4th quarter valued at $60,517,000. Raymond James & Associates bought a new position in Tapestry in the 4th quarter worth $6,470,000. Teachers Retirement System of The State of Kentucky bought a new position in Tapestry in the 4th quarter worth $1,384,000. Finally, HBK Investments L P bought a new position in Tapestry in the 4th quarter worth $5,073,000. Institutional investors and hedge funds own 89.38% of the company’s stock.
In related news, Director Susan J. Kropf sold 6,185 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $50.80, for a total value of $314,198.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Todd Kahn sold 4,357 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $49.13, for a total transaction of $214,059.41. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 140,551 shares of company stock valued at $7,020,158. 0.98% of the stock is owned by insiders.
TPR has been the subject of several recent analyst reports. TheStreet raised shares of Tapestry from a “c+” rating to a “b” rating in a report on Tuesday, February 6th. Zacks Investment Research upgraded shares of Tapestry from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a research note on Monday, January 8th. Canaccord Genuity set a $58.00 price objective on shares of Tapestry and gave the company a “buy” rating in a research note on Sunday, January 7th. Robert W. Baird set a $50.00 price objective on shares of Tapestry and gave the company a “buy” rating in a research note on Friday, December 22nd. Finally, Cowen reissued a “buy” rating and set a $54.00 target price on shares of Tapestry in a research report on Wednesday, January 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $51.95.
Shares of Tapestry stock traded up $0.22 during trading hours on Thursday, hitting $52.68. The company had a trading volume of 1,194,117 shares, compared to its average volume of 2,724,213. Tapestry has a twelve month low of $38.47 and a twelve month high of $54.26. The company has a current ratio of 1.90, a quick ratio of 1.51 and a debt-to-equity ratio of 0.64. The stock has a market cap of $15,118.71, a price-to-earnings ratio of 24.50, a PEG ratio of 1.83 and a beta of 0.43.
Tapestry (NYSE:TPR) last issued its earnings results on Tuesday, February 6th. The luxury accessories retailer reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.21. Tapestry had a net margin of 6.14% and a return on equity of 23.68%. The business had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the business posted $0.75 EPS. The company’s revenue for the quarter was up 35.1% on a year-over-year basis. analysts forecast that Tapestry will post 2.58 earnings per share for the current fiscal year.
The company also recently disclosed a dividend, which was paid on Monday, April 2nd. Shareholders of record on Friday, March 9th were given a dividend of $0.3375 per share. The ex-dividend date was Thursday, March 8th. Tapestry’s payout ratio is currently 62.79%.
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Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands. It offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, sunglasses, watches, novelty accessories, and ready-to-wear for men.
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