Alliancebernstein L.P. Boosts Stake in Tapestry, Inc. (NYSE:TPR)

Alliancebernstein L.P. raised its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 15.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,137,521 shares of the luxury accessories retailer's stock after purchasing an additional 546,497 shares during the quarter. Alliancebernstein L.P. owned about 1.78% of Tapestry worth $270,304,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. The Manufacturers Life Insurance Company increased its position in Tapestry by 0.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 182,432 shares of the luxury accessories retailer's stock valued at $8,571,000 after acquiring an additional 711 shares during the period. Townsquare Capital LLC grew its stake in shares of Tapestry by 15.8% in the 3rd quarter. Townsquare Capital LLC now owns 11,162 shares of the luxury accessories retailer's stock valued at $524,000 after purchasing an additional 1,526 shares during the last quarter. Glenmede Trust Co. NA increased its holdings in shares of Tapestry by 55.8% in the third quarter. Glenmede Trust Co. NA now owns 45,674 shares of the luxury accessories retailer's stock valued at $2,146,000 after purchasing an additional 16,353 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Tapestry by 206.0% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,847 shares of the luxury accessories retailer's stock worth $228,000 after purchasing an additional 3,263 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Tapestry by 8.9% during 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 purchasing an additional 115,340 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

TPR has been the topic of several recent research reports. Guggenheim boosted their price objective 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. Telsey Advisory Group boosted their price target on shares of Tapestry from $74.00 to $83.00 and gave the stock an "outperform" rating in a research note on Monday, February 3rd. Jefferies Financial Group raised their price objective on shares of Tapestry from $80.00 to $83.00 and gave the company a "buy" rating in a research report on Tuesday, January 28th. Robert W. Baird lifted their price objective on Tapestry from $93.00 to $100.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Finally, Redburn Atlantic raised 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. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.53.

Insider Buying and Selling

In other news, CEO Todd Kahn sold 21,107 shares of the company's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the completion of the transaction, the chief executive officer now owns 176,985 shares of the company's stock, valued at $14,866,740. This represents a 10.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel David E. Howard sold 11,917 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction 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. This represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is owned by insiders.

Tapestry Price Performance

Shares of TPR stock traded down $2.32 during trading hours on Friday, hitting $62.78. The company's stock had a trading volume of 11,787,236 shares, compared to its average volume of 4,058,995. 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 business has a fifty day moving average of $77.22 and a 200-day moving average of $63.87. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The stock has a market cap of $13.00 billion, a price-to-earnings ratio of 18.20, a P/E/G ratio of 2.01 and a beta of 1.57.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results 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 period last year, the company posted $1.63 EPS. As a group, equities research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Thursday, March 6th. Tapestry's payout ratio is 40.58%.

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.