Evercore Wealth Management LLC Acquires New Stake in Tapestry, Inc. (NYSE:TPR)

Evercore Wealth Management LLC bought a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,129 shares of the luxury accessories retailer's stock, valued at approximately $270,000.

Several other institutional investors also recently bought and sold shares of TPR. Coppell Advisory Solutions LLC grew its holdings in shares of Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after purchasing an additional 150 shares in the last quarter. Venturi Wealth Management LLC boosted its position in Tapestry by 78.0% in the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock valued at $38,000 after buying an additional 252 shares during the period. Canada Post Corp Registered Pension Plan acquired a new position in shares of Tapestry in the fourth quarter worth $48,000. UMB Bank n.a. increased its position 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 acquiring an additional 496 shares during the period. Finally, Brown Brothers Harriman & Co. raised its stake in shares of Tapestry by 1,792.1% in the fourth quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer's stock valued at $78,000 after acquiring an additional 1,129 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Price Performance

TPR stock opened at $66.59 on Thursday. 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 $13.78 billion, a P/E ratio of 19.30, a PEG ratio of 2.01 and a beta of 1.37. The business has a 50 day simple moving average of $72.95 and a 200-day simple moving average of $65.53. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly 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 company posted $1.63 earnings per share. As a group, equities analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current 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 given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.10%. The ex-dividend date was Thursday, March 6th. Tapestry's dividend payout ratio (DPR) is presently 40.58%.

Insider Buying and Selling at Tapestry

In other news, CEO Todd Kahn sold 21,107 shares of the firm'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 completion of the sale, the chief executive officer now directly owns 176,985 shares of the company's stock, valued at $14,866,740. This trade represents a 10.66 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the company's stock in a transaction 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 $12,688,570.72. This represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,537 shares of company stock valued at $5,730,589 in the last ninety days. Insiders own 1.18% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TPR shares. Raymond James restated an "outperform" rating and set a $88.00 price target (up previously from $79.00) on shares of Tapestry 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 note on Tuesday, January 21st. The Goldman Sachs Group decreased their price target on shares of Tapestry from $98.00 to $84.00 and set a "buy" rating for the company in a research note on Tuesday. Telsey Advisory Group increased their price objective on shares of Tapestry from $74.00 to $83.00 and gave the company an "outperform" rating in a research report on Monday, February 3rd. Finally, Guggenheim lifted their price objective on shares of Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $78.26.

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.

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