Vestcor Inc Buys 7,016 Shares of Tapestry, Inc. (NYSE:TPR)

Vestcor Inc increased its stake in Tapestry, Inc. (NYSE:TPR) by 581.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,223 shares of the luxury accessories retailer’s stock after buying an additional 7,016 shares during the period. Vestcor Inc’s holdings in Tapestry were worth $537,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of TPR. GSA Capital Partners LLP bought a new position in Tapestry in the third quarter worth about $237,000. Sumitomo Mitsui Trust Group Inc. raised its stake in Tapestry by 42.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,779 shares of the luxury accessories retailer’s stock worth $365,000 after buying an additional 2,326 shares in the last quarter. Victory Capital Management Inc. raised its stake in Tapestry by 7.5% in the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock worth $20,381,000 after buying an additional 30,121 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in Tapestry by 2.8% in the third quarter. Oppenheimer & Co. Inc. now owns 34,409 shares of the luxury accessories retailer’s stock worth $1,617,000 after buying an additional 932 shares in the last quarter. Finally, KBC Group NV raised its stake in Tapestry by 14.5% in the third quarter. KBC Group NV now owns 6,199 shares of the luxury accessories retailer’s stock worth $291,000 after buying an additional 785 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Tapestry Trading Up 1.1 %

Shares of TPR stock opened at $70.48 on Monday. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The firm’s 50 day moving average is $76.73 and its 200 day moving average is $60.86. The stock has a market capitalization of $14.59 billion, a P/E ratio of 20.43, a P/E/G ratio of 2.01 and a beta of 1.57.

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

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.99%. Tapestry’s payout ratio is 40.58%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on TPR shares. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Evercore ISI raised their target price on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. Telsey Advisory Group raised their target price on shares of Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. Raymond James reaffirmed an “outperform” rating and set a $88.00 target price (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Finally, Redburn Atlantic raised shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price for the company in a research note on Tuesday, February 18th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Insider Activity

In other news, CEO Todd Kahn sold 7,786 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the sale, the chief executive officer now directly owns 201,531 shares in the company, valued at $17,652,100.29. This trade represents a 3.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction 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 owns 38,609 shares in the company, valued at $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock worth $5,730,589 in the last three months. Company 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.