16,074 Shares in Tapestry, Inc. (NYSE:TPR) Bought by Cypress Capital LLC

Cypress Capital LLC acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 16,074 shares of the luxury accessories retailer’s stock, valued at approximately $1,050,000.

A number of other large investors also recently modified their holdings of the business. Deseret Mutual Benefit Administrators boosted its stake in shares of Tapestry by 33.4% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,990 shares of the luxury accessories retailer’s stock worth $130,000 after buying an additional 498 shares during the last quarter. Paradigm Asset Management Co. LLC acquired a new position in shares of Tapestry during the 4th quarter worth about $1,313,000. Allianz Asset Management GmbH boosted its stake in shares of Tapestry by 16.4% during 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 buying an additional 298,409 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in shares of Tapestry by 1.3% during the 4th quarter. Handelsbanken Fonder AB now owns 60,146 shares of the luxury accessories retailer’s stock worth $3,929,000 after buying an additional 800 shares during the last quarter. Finally, Ieq Capital LLC boosted its stake in shares of Tapestry by 95.8% during the 4th quarter. Ieq Capital LLC now owns 64,779 shares of the luxury accessories retailer’s stock worth $4,232,000 after buying an additional 31,695 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Down 2.2 %

Shares of TPR opened at $84.60 on Friday. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The firm’s 50 day moving average is $72.63 and its 200-day moving average is $56.48. The stock has a market capitalization 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 (NYSE:TPR) last announced its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping 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 in the previous year, the firm earned $1.63 EPS. Equities research analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.65%. Tapestry’s dividend payout ratio is presently 40.58%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TPR. The Goldman Sachs Group raised their target price on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Guggenheim raised their target price on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Jefferies Financial Group raised their target price on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Robert W. Baird raised their target price on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. raised their target price on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Insider Transactions at Tapestry

In other news, General Counsel David E. Howard sold 11,917 shares of the firm’s 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 directly owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.