Tapestry, Inc. (NYSE:TPR) Shares Sold by National Bank of Canada FI

National Bank of Canada FI cut its position in Tapestry, Inc. (NYSE:TPR) by 2.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 113,786 shares of the luxury accessories retailer’s stock after selling 2,976 shares during the quarter. National Bank of Canada FI’s holdings in Tapestry were worth $7,434,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of TPR. Norges Bank purchased a new position in Tapestry during the 4th quarter valued at about $114,199,000. WT Asset Management Ltd acquired a new stake in shares of Tapestry during the fourth quarter worth about $42,762,000. Raymond James Financial Inc. purchased a new position in shares of Tapestry in the fourth quarter valued at approximately $38,180,000. Alliancebernstein L.P. grew its holdings in shares of Tapestry by 15.2% in the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock valued at $270,304,000 after purchasing an additional 546,497 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its stake in 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 period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Activity

In other Tapestry news, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the transaction, the chief financial officer now directly owns 146,587 shares in the company, valued at approximately $12,688,570.72. This trade represents a 14.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Kahn sold 21,107 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the sale, the chief executive officer now owns 176,985 shares of the company’s stock, valued at $14,866,740. This trade represents a 10.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock valued at $5,730,589 in the last ninety days. 1.18% of the stock is currently owned by company insiders.

Tapestry Price Performance

Shares of TPR opened at $62.78 on Monday. 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, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The stock has a market cap of $13.00 billion, a PE ratio of 18.20, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. The firm has a fifty day moving average price of $77.22 and a 200 day moving average price of $64.02.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating the consensus estimate 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 in the prior year, the company posted $1.63 earnings per share. As a group, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.23%. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on TPR shares. JPMorgan Chase & Co. raised their price target on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Robert W. Baird lifted their target price on Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Jefferies Financial Group upped their price target on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. UBS Group increased their price target on Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $65.00 price objective on shares of Tapestry in a research report on Tuesday, January 21st. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus price target 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.