MetLife Investment Management LLC Increases Holdings in Tapestry, Inc. (NYSE:TPR)

MetLife Investment Management LLC raised its stake in Tapestry, Inc. (NYSE:TPR) by 3.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,665 shares of the luxury accessories retailer’s stock after purchasing an additional 1,827 shares during the quarter. MetLife Investment Management LLC’s holdings in Tapestry were worth $4,029,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank purchased a new stake in Tapestry during the 4th quarter worth $114,199,000. WT Asset Management Ltd purchased a new stake in shares of Tapestry during the fourth quarter worth about $42,762,000. Raymond James Financial Inc. acquired a new position in shares of Tapestry in the fourth quarter worth about $38,180,000. Alliancebernstein L.P. boosted its holdings in Tapestry by 15.2% in 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 purchasing an additional 546,497 shares during the last quarter. Finally, Pictet Asset Management Holding SA grew its stake in Tapestry by 767.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 464,478 shares of the luxury accessories retailer’s stock valued at $30,344,000 after purchasing an additional 410,918 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 7,786 shares of the business’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 transaction of $681,975.74. Following the sale, the chief executive officer now owns 201,531 shares of the company’s stock, valued at $17,652,100.29. The trade was a 3.72 % 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, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction on Thursday, February 20th. The shares were 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 of the company’s stock, valued at approximately $12,688,570.72. The trade was a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,537 shares of company stock valued at $5,730,589 over the last 90 days. 1.18% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Evercore ISI increased their target price on Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. Barclays decreased their price objective on shares of Tapestry from $100.00 to $83.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. Jefferies Financial Group lifted their price target on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Finally, Citigroup cut their price objective on Tapestry from $95.00 to $81.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $78.26.

Tapestry Stock Up 0.8 %

TPR stock opened at $68.82 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. The firm’s 50-day simple moving average is $72.15 and its 200 day simple moving average is $65.85. The stock has a market cap of $14.25 billion, a PE ratio of 19.95, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating the consensus estimate 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 last year, the company earned $1.63 EPS. As a group, sell-side analysts predict that Tapestry, Inc. will post 4.91 EPS for the current 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 issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend 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.