Vestcor Inc Raises Position in Tapestry, Inc. (NYSE:TPR)

Vestcor Inc lifted its stake in shares of Tapestry, Inc. (NYSE:TPR) by 581.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,223 shares of the luxury accessories retailer’s stock after purchasing an additional 7,016 shares during the period. Vestcor Inc’s holdings in Tapestry were worth $537,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of TPR. GSA Capital Partners LLP purchased a new stake in shares of Tapestry during the 3rd quarter worth approximately $237,000. Sumitomo Mitsui Trust Group Inc. grew its stake in Tapestry by 42.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,779 shares of the luxury accessories retailer’s stock valued at $365,000 after buying an additional 2,326 shares in the last quarter. Victory Capital Management Inc. grew its stake in Tapestry by 7.5% in the 3rd quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after buying an additional 30,121 shares in the last quarter. Oppenheimer & Co. Inc. grew its stake in Tapestry by 2.8% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 34,409 shares of the luxury accessories retailer’s stock valued at $1,617,000 after buying an additional 932 shares in the last quarter. Finally, KBC Group NV grew its stake in Tapestry by 14.5% in the 3rd quarter. KBC Group NV now owns 6,199 shares of the luxury accessories retailer’s stock valued at $291,000 after buying an additional 785 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Up 1.1 %

Shares of NYSE:TPR opened at $70.48 on Monday. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85. The firm has a fifty day moving average of $76.73 and a 200 day moving average of $60.86. The firm has a market capitalization of $14.59 billion, a PE ratio of 20.43, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. 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 (NYSE:TPR) last posted its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (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 quarter last year, the business earned $1.63 earnings per share. As a group, research analysts anticipate 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 will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.99%. Tapestry’s payout ratio is 40.58%.

Analysts Set New Price Targets

A number of research firms recently weighed in on TPR. Barclays lifted their price objective on shares of Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Evercore ISI boosted their price target on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. UBS Group boosted their price target on shares of Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Guggenheim boosted their price target 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, Morgan Stanley restated an “equal weight” rating and set a $65.00 price target on shares of Tapestry in a research report on Tuesday, January 21st. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Insider Buying and Selling at Tapestry

In other news, CFO Scott A. Roe sold 25,727 shares of the 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 sale, the chief financial officer now directly owns 146,587 shares in the company, valued at approximately $12,688,570.72. This represents a 14.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Todd Kahn sold 7,786 shares of the stock in a transaction dated 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 approximately $17,652,100.29. This represents a 3.72 % decrease in their ownership of the stock. 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 three months. Company insiders own 1.18% of the company’s stock.

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.