Raymond James Financial Inc. Buys New Position in Tapestry, Inc. (NYSE:TPR)

Raymond James Financial Inc. purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 584,415 shares of the luxury accessories retailer’s stock, valued at approximately $38,180,000. Raymond James Financial Inc. owned 0.25% of Tapestry as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Tapestry during the 4th quarter worth about $114,199,000. WT Asset Management Ltd purchased a new position in Tapestry during the fourth quarter worth approximately $42,762,000. Alliancebernstein L.P. grew its stake in shares of Tapestry by 15.2% during the 4th 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 period. Pictet Asset Management Holding SA increased its holdings in shares of 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 worth $30,344,000 after buying an additional 410,918 shares during the last quarter. Finally, Keystone Investors PTE Ltd. purchased a new position in shares of Tapestry in the 4th quarter worth $26,541,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the transaction, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. This represents a 23.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the firm’s 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 completion of the sale, the chief financial officer now owns 146,587 shares in the company, valued at $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. Over the last ninety days, insiders sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is currently owned by insiders.

Tapestry Price Performance

Shares of NYSE TPR opened at $63.91 on Wednesday. The business has a 50 day simple moving average of $75.26 and a 200-day simple moving average of $64.92. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The company has a market capitalization of $13.23 billion, a price-to-earnings ratio of 18.52, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. 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 (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping 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 quarter in the previous year, the business earned $1.63 EPS. As a group, equities research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.19%. Tapestry’s payout ratio is currently 40.58%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TPR. Robert W. Baird boosted their target price on Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Redburn Atlantic raised shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective for the company in a research report on Tuesday, February 18th. Evercore ISI lifted their target price on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a report on Monday, January 27th. Jefferies Financial Group increased their price target on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Finally, Guggenheim boosted their price objective on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus price target of $77.63.

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.