Bank of Nova Scotia Purchases 23,689 Shares of Tapestry, Inc. (NYSE:TPR)

Bank of Nova Scotia grew its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 18.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 148,832 shares of the luxury accessories retailer's stock after buying an additional 23,689 shares during the period. Bank of Nova Scotia owned approximately 0.06% of Tapestry worth $9,723,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of TPR. FIL Ltd bought a new position in Tapestry during the 4th quarter worth $3,820,000. Krane Funds Advisors LLC purchased a new position in Tapestry in the fourth quarter valued at about $304,000. Bank of Montreal Can boosted its holdings in Tapestry by 21.1% in the 4th quarter. Bank of Montreal Can now owns 1,506,297 shares of the luxury accessories retailer's stock worth $98,406,000 after buying an additional 262,227 shares during the period. Cerity Partners LLC boosted its stake in Tapestry by 6.2% during the fourth quarter. Cerity Partners LLC now owns 123,341 shares of the luxury accessories retailer's stock valued at $7,667,000 after buying an additional 7,235 shares during the period. Finally, Polymer Capital Management HK LTD purchased a new position in shares of Tapestry during the 4th quarter valued at about $10,475,000. Institutional investors own 90.77% of the company's stock.

Tapestry Trading Down 0.6 %

NYSE:TPR traded down $0.40 during mid-day trading on Wednesday, hitting $63.54. 671,159 shares of the stock traded hands, compared to its average volume of 4,164,504. The stock has a market capitalization of $13.15 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 2.01 and a beta of 1.37. The firm's 50 day moving average is $75.26 and its two-hundred day moving average is $64.92. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85.

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Tapestry (NYSE:TPR - Get Free Report) last announced 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 return on equity of 44.00% and a net margin of 11.74%. During the same quarter in the prior year, the company posted $1.63 EPS. On average, equities research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.20%. The ex-dividend date was Thursday, March 6th. Tapestry's dividend payout ratio is presently 40.58%.

Insiders Place Their Bets

In other news, CEO Todd Kahn sold 21,107 shares of the business'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 transaction, the chief executive officer now directly owns 176,985 shares of the company's stock, valued at $14,866,740. The trade was a 10.66 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of the company's stock in a transaction that occurred 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 completion of the sale, the general counsel now directly owns 38,609 shares of the company's stock, valued at $3,397,592. The trade was a 23.59 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,537 shares of company stock valued at $5,730,589. Insiders own 1.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on TPR shares. Wells Fargo & Company increased their price target on shares of Tapestry from $75.00 to $90.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Raymond James restated an "outperform" rating and issued a $88.00 price objective (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. 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. JPMorgan Chase & Co. increased their price target on Tapestry from $88.00 to $104.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Finally, Jefferies Financial Group upped their price objective on Tapestry from $80.00 to $83.00 and gave the company a "buy" rating in a research report on Tuesday, January 28th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average 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.