Franklin Resources Inc. Grows Stock Position in Tapestry, Inc. (NYSE:TPR)

Franklin Resources Inc. boosted its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 16.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 190,247 shares of the luxury accessories retailer's stock after acquiring an additional 27,013 shares during the period. Franklin Resources Inc. owned 0.08% of Tapestry worth $12,429,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its holdings in Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock worth $522,471,000 after acquiring an additional 382,856 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Tapestry by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer's stock worth $262,156,000 after purchasing an additional 80,681 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Tapestry by 15.2% during the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock valued at $270,304,000 after purchasing an additional 546,497 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in Tapestry by 16.4% in the 4th quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer's stock worth $138,596,000 after buying an additional 298,409 shares in the last quarter. Finally, Norges Bank bought a new position in Tapestry during the 4th quarter valued at about $114,199,000. 90.77% of the stock is currently owned by institutional investors.

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Insider Transactions at Tapestry

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total value 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 approximately $14,866,740. This represents a 10.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock worth $5,730,589 over the last quarter. 1.18% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on TPR shares. Jefferies Financial Group boosted 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. The Goldman Sachs Group raised their price objective on shares of Tapestry from $72.00 to $98.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Evercore ISI increased their target price on Tapestry from $68.00 to $74.00 and gave the stock an "outperform" rating in a research report on Monday, January 27th. Morgan Stanley reiterated an "equal weight" rating and set a $65.00 price objective on shares of Tapestry in a research report on Tuesday, January 21st. Finally, Barclays dropped their price target on Tapestry from $100.00 to $83.00 and set an "overweight" rating for the company in a research note on Thursday. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Tapestry presently has an average rating of "Moderate Buy" and a consensus target price of $77.63.

Tapestry Stock Up 1.8 %

TPR traded up $1.12 on Monday, hitting $64.52. The company had a trading volume of 410,817 shares, compared to its average volume of 4,144,712. The stock has a market capitalization of $13.36 billion, a price-to-earnings ratio of 18.70, a P/E/G ratio of 2.01 and a beta of 1.37. The stock has a fifty day moving average price of $75.82 and a 200-day moving average price of $64.82. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. 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 (NYSE:TPR - Get Free Report) last released its 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 net margin of 11.74% and a return on equity of 44.00%. During the same quarter in the prior year, the firm posted $1.63 EPS. Analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.17%. The ex-dividend date was Thursday, March 6th. Tapestry's dividend payout ratio is currently 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.