1,748,031 Shares in Tapestry, Inc. (NYSE:TPR) Purchased by Norges Bank

Norges Bank acquired a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,748,031 shares of the luxury accessories retailer's stock, valued at approximately $114,199,000. Norges Bank owned about 0.75% of Tapestry as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Venturi Wealth Management LLC boosted its holdings in shares of 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 purchasing an additional 252 shares during the last quarter. UMB Bank n.a. raised its position in shares of Tapestry by 72.9% in the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer's stock worth $77,000 after buying an additional 496 shares during the period. First Horizon Advisors Inc. boosted its holdings in Tapestry by 21.9% in the fourth quarter. First Horizon Advisors Inc. now owns 1,598 shares of the luxury accessories retailer's stock valued at $104,000 after acquiring an additional 287 shares during the last quarter. Parkside Financial Bank & Trust grew its position in Tapestry by 13.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer's stock valued at $104,000 after acquiring an additional 182 shares during the period. Finally, Principal Securities Inc. increased its stake in Tapestry by 45.7% during the fourth quarter. Principal Securities Inc. now owns 1,633 shares of the luxury accessories retailer's stock worth $107,000 after acquiring an additional 512 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

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Tapestry Stock Down 3.6 %

Shares of NYSE:TPR traded down $2.32 during midday trading on Friday, reaching $62.78. The company had a trading volume of 11,787,236 shares, compared to its average volume of 4,058,995. The stock has a market capitalization of $13.00 billion, a P/E ratio of 18.20, a PEG ratio of 2.01 and a beta of 1.57. The stock's fifty day moving average price is $77.22 and its 200-day moving average price is $64.02. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. Tapestry, Inc. has a one year low of $35.23 and a one year 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 (EPS) for the quarter, beating 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 period last year, the firm posted $1.63 EPS. Equities research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were given a $0.35 dividend. The ex-dividend date was Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.23%. Tapestry's payout ratio is 40.58%.

Analyst Ratings Changes

TPR has been the topic of several research analyst reports. Raymond James reaffirmed 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 reaffirmed an "equal weight" rating and set a $65.00 price target on shares of Tapestry in a research report on Tuesday, January 21st. Jefferies Financial Group increased their price objective on shares of Tapestry from $80.00 to $83.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. Barclays lifted their target price on shares of Tapestry from $87.00 to $100.00 and gave the company an "overweight" rating in a report on Friday, February 7th. Finally, Guggenheim increased their price target on Tapestry from $70.00 to $90.00 and gave the company a "buy" rating in a report on Friday, February 7th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, Tapestry has an average rating of "Moderate Buy" and an average price target of $78.53.

Insider Activity

In related news, CFO Scott A. Roe sold 25,727 shares of the business's stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 146,587 shares of the company's stock, valued at $12,688,570.72. This represents a 14.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the firm's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the transaction, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. This represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is currently owned by insiders.

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.