Pictet Asset Management Holding SA Grows Stake in Tapestry, Inc. (NYSE:TPR)

Pictet Asset Management Holding SA increased its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 767.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 464,478 shares of the luxury accessories retailer's stock after acquiring an additional 410,918 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.20% of Tapestry worth $30,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of TPR. Checchi Capital Advisers LLC grew its holdings in Tapestry by 1.9% in the 4th quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer's stock worth $580,000 after acquiring an additional 163 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Tapestry by 0.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer's stock valued at $1,261,000 after purchasing an additional 170 shares during the period. Parkside Financial Bank & Trust raised its position in Tapestry by 13.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer's stock valued at $104,000 after purchasing an additional 182 shares during the last quarter. E Fund Management Co. Ltd. lifted its holdings in Tapestry by 1.6% in the 4th quarter. E Fund Management Co. Ltd. now owns 12,744 shares of the luxury accessories retailer's stock worth $833,000 after buying an additional 200 shares during the period. Finally, Valley National Advisers Inc. grew its position in shares of Tapestry by 0.5% in the 4th quarter. Valley National Advisers Inc. now owns 43,355 shares of the luxury accessories retailer's stock worth $2,831,000 after buying an additional 202 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

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Tapestry Stock Performance

Shares of TPR traded down $2.32 during trading hours on Friday, hitting $62.78. The stock had a trading volume of 11,787,236 shares, compared to its average volume of 4,058,410. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The stock has a fifty day moving average price of $77.22 and a 200 day moving average price of $63.73. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The firm has a market capitalization of $13.00 billion, a PE ratio of 18.20, a PEG ratio of 2.01 and a beta of 1.57.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly 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 return on equity of 44.00% and a net margin of 11.74%. During the same quarter in the prior year, the company posted $1.63 earnings per share. Analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

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

Insider Transactions at Tapestry

In other news, CFO Scott A. Roe sold 25,727 shares of the firm's stock in a transaction dated 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 owns 146,587 shares of the company's stock, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the transaction, the chief executive officer now directly owns 201,531 shares in the company, valued at approximately $17,652,100.29. The trade was a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock worth $5,730,589 in the last 90 days. 1.18% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on TPR shares. UBS Group raised their target price on shares of Tapestry from $70.00 to $80.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Wells Fargo & Company raised their price objective on shares of Tapestry from $75.00 to $90.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Jefferies Financial Group upped their target price on Tapestry from $80.00 to $83.00 and gave the stock a "buy" rating in a report on Tuesday, January 28th. Raymond James restated an "outperform" rating and issued a $88.00 target price (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Finally, Evercore ISI increased their price target on shares of Tapestry from $68.00 to $74.00 and gave the stock an "outperform" rating in a research note on Monday, January 27th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat, Tapestry has an average rating of "Moderate Buy" and an average target price of $78.53.

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.