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

QRG Capital Management Inc. grew its stake in shares of Tapestry, Inc. (NYSE:TPR) by 3.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 12,747 shares of the luxury accessories retailer’s stock after buying an additional 430 shares during the quarter. QRG Capital Management Inc.’s holdings in Tapestry were worth $833,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in TPR. Proficio Capital Partners LLC purchased a new stake in Tapestry during the 4th quarter valued at $9,279,000. Oppenheimer & Co. Inc. boosted its holdings in shares of Tapestry by 43.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 49,497 shares of the luxury accessories retailer’s stock worth $3,234,000 after purchasing an additional 15,088 shares during the period. Oppenheimer Asset Management Inc. grew its stake in shares of Tapestry by 9.1% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 106,195 shares of the luxury accessories retailer’s stock worth $6,938,000 after purchasing an additional 8,834 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in Tapestry by 1.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 19,954 shares of the luxury accessories retailer’s stock valued at $1,304,000 after purchasing an additional 230 shares during the period. Finally, Checchi Capital Advisers LLC raised its position in Tapestry by 1.9% during the 4th quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer’s stock valued at $580,000 after purchasing an additional 163 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Insider Activity

In related news, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the transaction, the chief financial officer now owns 146,587 shares in the company, valued at $12,688,570.72. This represents a 14.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at approximately $17,652,100.29. This trade represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock valued at $5,730,589 over the last ninety days. 1.18% of the stock is currently owned by corporate insiders.

Tapestry Stock Performance

Shares of TPR stock opened at $84.04 on Tuesday. The company has a market capitalization of $17.40 billion, a price-to-earnings ratio of 24.36, a price-to-earnings-growth ratio of 2.01 and a beta of 1.58. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The company’s 50-day moving average is $75.17 and its 200 day moving average is $58.72.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the business earned $1.63 EPS. Sell-side analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

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 paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio is currently 40.58%.

Wall Street Analysts Forecast Growth

TPR has been the topic of a number of recent analyst reports. Wells Fargo & Company lifted their price objective on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Robert W. Baird boosted their price target on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. UBS Group increased their price target on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. The Goldman Sachs Group lifted their price objective on Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Daiwa America raised Tapestry to a “hold” rating in a research report on Monday, November 18th. Six research analysts have rated the stock with a hold rating and fourteen have assigned 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 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.