Bridgewater Associates LP Has $56.67 Million Stake in Tapestry, Inc. (NYSE:TPR)

Bridgewater Associates LP grew its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 77.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 867,389 shares of the luxury accessories retailer's stock after acquiring an additional 379,613 shares during the period. Bridgewater Associates LP owned about 0.37% of Tapestry worth $56,667,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in Tapestry in the fourth quarter worth about $114,199,000. WT Asset Management Ltd acquired a new position in shares of Tapestry in the 4th quarter worth approximately $42,762,000. Raymond James Financial Inc. bought a new stake in shares of Tapestry in the 4th quarter valued at approximately $38,180,000. Alliancebernstein L.P. raised its position in shares of Tapestry by 15.2% during the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock valued at $270,304,000 after acquiring an additional 546,497 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in Tapestry by 767.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 464,478 shares of the luxury accessories retailer's stock worth $30,344,000 after purchasing an additional 410,918 shares during the last quarter. Institutional investors own 90.77% of the company's stock.

Insider Buying and Selling at Tapestry

In other news, General Counsel David E. Howard sold 11,917 shares of the company's 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 transaction, the general counsel now owns 38,609 shares in the company, valued at $3,397,592. This represents a 23.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Scott A. Roe sold 25,727 shares of the business's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the transaction, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. The trade was a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is currently owned by corporate insiders.

Tapestry Price Performance

Shares of NYSE:TPR traded up $0.66 during trading hours on Friday, hitting $63.53. 4,165,660 shares of the company's stock traded hands, compared to its average volume of 4,172,814. The company's fifty day simple moving average is $74.24 and its two-hundred day simple moving average is $65.14. The company has a market cap of $13.15 billion, a price-to-earnings ratio of 18.41, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping analysts' consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter in the previous year, the business earned $1.63 earnings per share. As a group, equities analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

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

Analyst Ratings Changes

TPR has been the topic of a number of research reports. UBS Group increased their target price on shares of Tapestry from $70.00 to $80.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Redburn Atlantic raised Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 target price for the company in a report on Tuesday, February 18th. JPMorgan Chase & Co. raised their price target on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. Raymond James reaffirmed an "outperform" rating and issued a $88.00 target price (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Finally, Morgan Stanley restated an "equal weight" rating and set a $65.00 price target on shares of Tapestry in a research report on Tuesday, January 21st. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, Tapestry has a consensus rating of "Moderate Buy" and an average price target of $79.00.

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.