Resona Asset Management Co. Ltd. Buys Shares of 1,443 Tapestry, Inc. (NYSE:TPR)

Resona Asset Management Co. Ltd. purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,443 shares of the luxury accessories retailer’s stock, valued at approximately $95,000.

A number of other institutional investors have also modified their holdings of the company. HighTower Advisors LLC raised its holdings in Tapestry by 0.9% in the 3rd quarter. HighTower Advisors LLC now owns 50,797 shares of the luxury accessories retailer’s stock valued at $2,386,000 after acquiring an additional 445 shares during the last quarter. Wellington Management Group LLP increased its stake in Tapestry by 20.0% in the third quarter. Wellington Management Group LLP now owns 179,900 shares of the luxury accessories retailer’s stock valued at $8,452,000 after purchasing an additional 29,987 shares during the last quarter. National Bank of Canada FI lifted its position in Tapestry by 86.3% during the third quarter. National Bank of Canada FI now owns 116,762 shares of the luxury accessories retailer’s stock worth $5,485,000 after buying an additional 54,083 shares during the period. Nomura Asset Management Co. Ltd. boosted its stake in Tapestry by 18.9% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 4,275 shares of the luxury accessories retailer’s stock worth $201,000 after buying an additional 679 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings 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 valued at $262,156,000 after buying an additional 80,681 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Performance

NYSE:TPR opened at $63.40 on Friday. The firm has a 50-day moving average of $75.82 and a two-hundred day moving average of $64.69. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The stock has a market cap of $13.13 billion, a P/E ratio of 18.38, a PEG ratio of 2.01 and a beta of 1.37. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 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 period in the prior year, the company earned $1.63 earnings per share. On average, research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal 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. 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 2.21%. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Insider Activity at Tapestry

In related news, CEO Todd Kahn sold 7,786 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the sale, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at $17,652,100.29. The trade was a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Scott A. Roe sold 25,727 shares of the 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 represents a 14.93 % 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 over the last ninety days. Corporate insiders own 1.18% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Guggenheim increased their price objective on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Raymond James reaffirmed an “outperform” rating and set a $88.00 price target (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday. Robert W. Baird increased their target price on Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Finally, Evercore ISI boosted their price target on Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $77.63.

Tapestry Company 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.