Oppenheimer & Co. Inc. Acquires 15,088 Shares of Tapestry, Inc. (NYSE:TPR)

Oppenheimer & Co. Inc. increased its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 43.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 49,497 shares of the luxury accessories retailer’s stock after acquiring an additional 15,088 shares during the period. Oppenheimer & Co. Inc.’s holdings in Tapestry were worth $3,234,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Erste Asset Management GmbH bought a new stake in Tapestry in the third quarter valued at $64,016,000. WT Asset Management Ltd acquired a new stake in shares of Tapestry in the 4th quarter valued at $42,762,000. Bank of Montreal Can boosted its stake in shares of Tapestry by 76.6% in the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after purchasing an additional 539,793 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of Tapestry by 16.4% in the 4th quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock worth $138,596,000 after purchasing an additional 298,409 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Tapestry by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after purchasing an additional 272,007 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

Tapestry Trading Up 1.3 %

Shares of NYSE TPR opened at $85.38 on Friday. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The firm has a market capitalization of $17.67 billion, a P/E ratio of 24.75, a P/E/G ratio of 2.01 and a beta of 1.58. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The company’s 50 day simple moving average is $74.79 and its 200 day simple moving average is $58.26.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share 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 in the prior year, the company posted $1.63 EPS. On average, analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is currently 40.58%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Robert W. Baird boosted their price target on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Barclays increased their price target on Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. UBS Group lifted their price objective on Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. BMO Capital Markets increased their target price on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, November 18th. Finally, Evercore ISI raised 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. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average price target of $78.53.

Insider Transactions at Tapestry

In related news, 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 transaction, the general counsel now owns 38,609 shares of the company’s stock, valued at $3,397,592. This trade represents a 23.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Scott A. Roe sold 25,727 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at $12,688,570.72. The trade was a 14.93 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is currently owned by company insiders.

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.