Tapestry, Inc. (NYSE:TPR) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc raised its position in shares of Tapestry, Inc. (NYSE:TPR) by 3.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,374 shares of the luxury accessories retailer’s stock after purchasing an additional 1,049 shares during the quarter. CIBC Asset Management Inc’s holdings in Tapestry were worth $2,180,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in Tapestry by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after buying an additional 272,007 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after acquiring an additional 58,135 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Tapestry by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after acquiring an additional 80,681 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Tapestry by 14.8% in the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after acquiring an additional 219,544 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Tapestry by 8.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,414,618 shares of the luxury accessories retailer’s stock worth $66,459,000 after purchasing an additional 115,340 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Tapestry

In related news, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction dated 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 completion of the sale, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.18% of the company’s stock.

Tapestry Stock Down 2.2 %

Shares of NYSE TPR opened at $84.60 on Friday. The stock has a market cap of $17.51 billion, a PE ratio of 24.52, a P/E/G ratio of 2.07 and a beta of 1.58. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company has a 50-day moving average of $72.63 and a 200 day moving average of $56.48.

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 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 firm earned $1.63 earnings per share. As a group, sell-side analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal 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 paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Analysts Set New Price Targets

Several equities research analysts have commented on TPR shares. Citigroup upped their price target on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, October 25th. Redburn Atlantic upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price on the stock in a research note on Tuesday. The Goldman Sachs Group raised their target price on Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, February 7th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Saturday, February 15th. Finally, Daiwa America raised shares of Tapestry to a “hold” rating in a research note on Monday, November 18th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.53.

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.