Cerity Partners LLC Purchases 7,235 Shares of Tapestry, Inc. (NYSE:TPR)

Cerity Partners LLC increased its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 6.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 123,341 shares of the luxury accessories retailer's stock after buying an additional 7,235 shares during the period. Cerity Partners LLC owned 0.05% of Tapestry worth $7,667,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in TPR. Venturi Wealth Management LLC lifted its stake in shares of Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock worth $38,000 after buying an additional 252 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Tapestry by 72.9% during the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer's stock worth $77,000 after purchasing an additional 496 shares during the period. Brown Brothers Harriman & Co. lifted its holdings in Tapestry by 1,792.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer's stock worth $78,000 after purchasing an additional 1,129 shares during the last quarter. Atlas Capital Advisors Inc. lifted its holdings in Tapestry by 527.2% during the 4th quarter. Atlas Capital Advisors Inc. now owns 1,267 shares of the luxury accessories retailer's stock worth $83,000 after purchasing an additional 1,065 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. bought a new stake in Tapestry in the 4th quarter valued at $95,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Remove Ads

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Guggenheim lifted their target price on Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a report on Friday, February 7th. UBS Group boosted their price objective on shares of Tapestry from $70.00 to $80.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Morgan Stanley restated an "equal weight" rating and set a $65.00 target price on shares of Tapestry in a research report on Tuesday, January 21st. Raymond James reiterated an "outperform" rating and issued a $88.00 price target (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Finally, JPMorgan Chase & Co. increased their price target on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $77.63.

Tapestry Price Performance

TPR traded up $0.13 on Tuesday, reaching $63.91. The stock had a trading volume of 3,841,947 shares, compared to its average volume of 4,173,673. 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 company has a market capitalization of $13.23 billion, a price-to-earnings ratio of 18.52, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The firm has a 50-day moving average of $75.62 and a 200-day moving average of $64.93.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) 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 earned $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 disclosed 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 was Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.19%. Tapestry's dividend payout ratio is 40.58%.

Insider Buying and Selling at Tapestry

In related news, CEO Todd Kahn sold 7,786 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the sale, the chief executive officer now owns 201,531 shares of the company's stock, valued at $17,652,100.29. This trade represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the sale, the chief financial officer now directly owns 146,587 shares of the company's stock, valued at approximately $12,688,570.72. This trade represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,537 shares of company stock worth $5,730,589. Insiders own 1.18% of the company's stock.

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.