Trustmark National Bank Trust Department Acquires Shares of 19,828 Tapestry, Inc. (NYSE:TPR)

Trustmark National Bank Trust Department bought a new position in shares of Tapestry, Inc. (NYSE:TPR) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 19,828 shares of the luxury accessories retailer’s stock, valued at approximately $1,295,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TPR. Norges Bank acquired a new stake in shares of Tapestry in the fourth quarter valued at approximately $114,199,000. WT Asset Management Ltd acquired a new stake in shares of Tapestry in the 4th quarter valued at $42,762,000. Raymond James Financial Inc. bought a new stake in shares of Tapestry during the fourth quarter worth $38,180,000. Alliancebernstein L.P. lifted its stake in shares of Tapestry by 15.2% during the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock valued at $270,304,000 after acquiring an additional 546,497 shares during the period. Finally, Pictet Asset Management Holding SA boosted its holdings in Tapestry by 767.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 464,478 shares of the luxury accessories retailer’s stock valued at $30,344,000 after acquiring an additional 410,918 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have weighed in on the company. Redburn Atlantic raised Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective for the company in a report on Tuesday, February 18th. JPMorgan Chase & Co. boosted their price target on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Raymond James reaffirmed an “outperform” rating and issued a $88.00 price objective (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Guggenheim upped their target price on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Jefferies Financial Group lifted their price objective on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average price target of $77.63.

Insider Activity

In other Tapestry news, CEO Todd Kahn sold 7,786 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the transaction, the chief executive officer now directly owns 201,531 shares in the company, valued at $17,652,100.29. This trade represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Scott A. Roe sold 25,727 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the transaction, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock worth $5,730,589 over the last ninety days. Insiders own 1.18% of the company’s stock.

Tapestry Trading Down 0.8 %

Shares of NYSE:TPR opened at $63.40 on Monday. The firm has a market cap of $13.13 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 2.01 and a beta of 1.37. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The company’s fifty day simple moving average is $75.82 and its 200 day simple moving average is $64.82. 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 (NYSE:TPR) last issued 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 return on equity of 44.00% and a net margin of 11.74%. During the same period last year, the business earned $1.63 EPS. As a group, research analysts forecast that Tapestry, Inc. will post 4.91 EPS 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. The ex-dividend date was Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.21%. Tapestry’s dividend payout ratio is currently 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.