Resona Asset Management Co. Ltd. Invests $95,000 in Tapestry, Inc. (NYSE:TPR)

Resona Asset Management Co. Ltd. bought a new position in shares of Tapestry, Inc. (NYSE:TPR) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,443 shares of the luxury accessories retailer’s stock, valued at approximately $95,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Apollon Wealth Management LLC acquired a new stake in Tapestry during the fourth quarter worth approximately $328,000. Charles Schwab Investment Management Inc. raised its stake in Tapestry by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock worth $522,471,000 after acquiring an additional 382,856 shares in the last quarter. Decker Retirement Planning Inc. purchased a new stake in Tapestry in the fourth quarter valued at $3,437,000. Principal Financial Group Inc. boosted its stake in Tapestry by 14.6% in the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer’s stock valued at $20,195,000 after acquiring an additional 39,298 shares in the last quarter. Finally, Pzena Investment Management LLC purchased a new position in shares of Tapestry during the fourth quarter worth about $18,737,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Activity

In other Tapestry news, CFO Scott A. Roe sold 25,727 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 146,587 shares in the company, valued at approximately $12,688,570.72. This trade represents a 14.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the transaction, the chief executive officer now owns 176,985 shares of the company’s stock, valued at approximately $14,866,740. The trade was a 10.66 % decrease in their position. The disclosure for this sale can be found here. Insiders 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 corporate insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Redburn Atlantic raised Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price for the company in a report on Tuesday, February 18th. Evercore ISI increased their price objective on Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a report on Monday, January 27th. Raymond James restated an “outperform” rating and set a $88.00 target price (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. The Goldman Sachs Group upped their price target on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Robert W. Baird raised their price objective 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. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $77.63.

Tapestry Stock Performance

Shares of TPR opened at $63.40 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85. The company has a 50-day simple moving average of $75.82 and a 200-day simple moving average of $64.69. The company has a market capitalization 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 (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, 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 period in the previous year, the firm earned $1.63 earnings per share. Equities research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.21%. The ex-dividend date was Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is 40.58%.

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.