National Bank of Canada FI Reduces Holdings in Tapestry, Inc. (NYSE:TPR)

National Bank of Canada FI lowered its stake in shares of Tapestry, Inc. (NYSE:TPR) by 2.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,786 shares of the luxury accessories retailer’s stock after selling 2,976 shares during the quarter. National Bank of Canada FI’s holdings in Tapestry were worth $7,434,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several research firms have recently commented on TPR. Barclays upped their price objective on shares of Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $65.00 price target on shares of Tapestry in a report on Tuesday, January 21st. Jefferies Financial Group increased their price target on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Evercore ISI boosted 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. Finally, JPMorgan Chase & Co. lifted their price target on Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $78.53.

Insider Transactions at Tapestry

In other news, CEO Todd Kahn sold 21,107 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the completion of the sale, the chief executive officer now owns 176,985 shares in the company, valued at $14,866,740. This trade represents a 10.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the sale, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. The trade was a 23.59 % 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 worth $5,730,589 in the last quarter. Company insiders own 1.18% of the company’s stock.

Tapestry Stock Performance

Shares of NYSE:TPR opened at $62.78 on Monday. The business’s 50 day moving average price is $77.22 and its 200-day moving average price is $64.02. The firm has a market capitalization of $13.00 billion, a PE ratio of 18.20, a P/E/G ratio of 2.01 and a beta of 1.57. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85.

Tapestry (NYSE:TPR) last released its quarterly earnings data 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 period in the prior year, the business posted $1.63 earnings per share. As a group, equities research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date was Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is currently 40.58%.

About Tapestry

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.