Raymond James Financial Services Advisors Inc. cut its holdings in Tiffany & Co. (NYSE:TIF) by 68.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,162 shares of the specialty retailer’s stock after selling 11,395 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Tiffany & Co. were worth $679,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Aperio Group LLC grew its holdings in Tiffany & Co. by 5.2% during the second quarter. Aperio Group LLC now owns 55,740 shares of the specialty retailer’s stock valued at $7,335,000 after purchasing an additional 2,736 shares during the period. State of New Jersey Common Pension Fund D lifted its position in shares of Tiffany & Co. by 487.6% during the second quarter. State of New Jersey Common Pension Fund D now owns 293,817 shares of the specialty retailer’s stock worth $38,666,000 after acquiring an additional 243,817 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Tiffany & Co. during the second quarter worth $2,977,000. Eqis Capital Management Inc. purchased a new stake in shares of Tiffany & Co. during the second quarter worth $260,000. Finally, W.E. Donoghue & Co. LLC purchased a new stake in shares of Tiffany & Co. during the second quarter worth $2,388,000. 78.51% of the stock is owned by institutional investors.
Shares of TIF stock opened at $125.48 on Thursday. The company has a current ratio of 5.82, a quick ratio of 2.43 and a debt-to-equity ratio of 0.27. Tiffany & Co. has a 52-week low of $86.15 and a 52-week high of $141.64. The firm has a market capitalization of $16.33 billion, a P/E ratio of 30.38, a price-to-earnings-growth ratio of 2.38 and a beta of 1.79.
Tiffany & Co. (NYSE:TIF) last issued its quarterly earnings data on Tuesday, August 28th. The specialty retailer reported $1.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.16. Tiffany & Co. had a return on equity of 17.61% and a net margin of 9.75%. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the business posted $0.92 earnings per share. The firm’s revenue was up 12.1% compared to the same quarter last year. analysts predict that Tiffany & Co. will post 4.69 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 10th. Investors of record on Thursday, September 20th will be given a $0.55 dividend. The ex-dividend date of this dividend is Wednesday, September 19th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.75%. Tiffany & Co.’s dividend payout ratio (DPR) is presently 53.27%.
In related news, insider Leigh M. Harlan sold 699 shares of the stock in a transaction on Friday, June 8th. The stock was sold at an average price of $133.61, for a total value of $93,393.39. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Philippe Galtie sold 673 shares of the stock in a transaction on Thursday, June 21st. The stock was sold at an average price of $135.25, for a total value of $91,023.25. Following the completion of the sale, the executive vice president now owns 2,866 shares in the company, valued at approximately $387,626.50. The disclosure for this sale can be found here. Insiders sold 10,830 shares of company stock worth $1,435,707 in the last quarter. 1.30% of the stock is currently owned by company insiders.
Several research firms have issued reports on TIF. Oppenheimer increased their target price on Tiffany & Co. to $145.00 and gave the stock an “outperform” rating in a research report on Friday, June 1st. Credit Suisse Group increased their target price on Tiffany & Co. from $142.00 to $146.00 and gave the stock an “outperform” rating in a research report on Wednesday. KeyCorp restated an “overweight” rating and set a $150.00 target price (up previously from $140.00) on shares of Tiffany & Co. in a research report on Wednesday. Royal Bank of Canada increased their target price on Tiffany & Co. to $132.00 and gave the stock a “sector perform” rating in a research report on Wednesday. They noted that the move was a valuation call. Finally, Cowen increased their target price on Tiffany & Co. from $110.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 23rd. Fourteen investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $131.00.
About Tiffany & Co.
Tiffany & Co, through its subsidiaries, designs, manufactures, and retails jewelry and other items in the Americas, the Asia-Pacific, Japan, Europe, and internationally. The company offers jewelry collections, engagement rings, and wedding bands. It also sells timepieces, leather goods, sterling silver goods, china, crystal, stationery, eyewear, fragrances, and other accessories; and wholesales diamonds and earnings.
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