Brown Brothers Harriman & Co. Purchases 1,129 Shares of Tapestry, Inc. (NYSE:TPR)

Brown Brothers Harriman & Co. boosted its holdings in Tapestry, Inc. (NYSE:TPR) by 1,792.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,192 shares of the luxury accessories retailer’s stock after buying an additional 1,129 shares during the period. Brown Brothers Harriman & Co.’s holdings in Tapestry were worth $78,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Tapestry by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after purchasing an additional 382,856 shares in the last quarter. Geode Capital Management LLC raised its position in 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 worth $262,156,000 after buying an additional 80,681 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in 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 valued at $138,596,000 after acquiring an additional 298,409 shares during the period. Norges Bank purchased a new stake in shares of Tapestry during the 4th quarter valued at about $114,199,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Tapestry by 8.9% in 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 acquiring an additional 115,340 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Tapestry

In related news, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value 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 $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Todd Kahn sold 7,786 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $87.59, for a total transaction of $681,975.74. Following the transaction, the chief executive officer now owns 201,531 shares in the company, valued at approximately $17,652,100.29. The trade was a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,537 shares of company stock worth $5,730,589 in the last 90 days. 1.18% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on TPR shares. Morgan Stanley restated an “equal weight” rating and set a $65.00 price objective on shares of Tapestry in a research report on Tuesday, January 21st. Raymond James restated an “outperform” rating and issued a $88.00 price target (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Guggenheim upped their price objective on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Redburn Atlantic raised Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price on the stock in a research report on Tuesday, February 18th. Finally, Barclays upped their price target on shares of Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $78.53.

Tapestry Stock Up 3.6 %

Shares of NYSE TPR opened at $72.92 on Wednesday. The company has a market cap of $15.10 billion, a P/E ratio of 21.14, a PEG ratio of 2.01 and a beta of 1.57. The firm has a 50-day simple moving average of $77.60 and a two-hundred day simple moving average of $63.51. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR) last posted its quarterly earnings data 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 quarter in the previous year, the company posted $1.63 earnings per share. Research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry’s dividend payout ratio is presently 40.58%.

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.