Pzena Investment Management LLC Acquires New Position in Tapestry, Inc. (NYSE:TPR)

Pzena Investment Management LLC purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 286,799 shares of the luxury accessories retailer's stock, valued at approximately $18,737,000. Pzena Investment Management LLC owned about 0.12% of Tapestry as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Venturi Wealth Management LLC increased its stake 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 in the last quarter. Brooklyn Investment Group acquired a new position in Tapestry during the third quarter worth about $47,000. Transamerica Financial Advisors Inc. grew its stake in Tapestry by 159,100.0% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer's stock valued at $75,000 after acquiring an additional 1,591 shares in the last quarter. UMB Bank n.a. lifted its stake in 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 purchasing an additional 496 shares in the last quarter. Finally, True Wealth Design LLC purchased a new stake in shares of Tapestry in the third quarter valued at approximately $83,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Jefferies Financial Group upped their target price 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. Wells Fargo & Company increased their price target on Tapestry from $75.00 to $90.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Barclays boosted their target price on shares of Tapestry from $87.00 to $100.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th. Guggenheim increased their price target on shares of Tapestry from $70.00 to $90.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Finally, Daiwa America raised Tapestry to a "hold" rating in a report on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $78.53.

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Tapestry Stock Performance

TPR stock opened at $71.90 on Wednesday. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The company has a market capitalization of $14.88 billion, a P/E ratio of 20.84, a PEG ratio of 2.01 and a beta of 1.57. The company has a 50-day simple moving average of $76.45 and a 200 day simple moving average of $60.22. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 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 quarter last year, the firm earned $1.63 earnings per share. Sell-side analysts predict 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 will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be paid a $0.35 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.95%. Tapestry's payout ratio is presently 40.58%.

Insider Transactions at Tapestry

In other news, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction that occurred on 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 in the company, valued at approximately $14,866,740. The trade was a 10.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the completion of the transaction, the chief financial officer now owns 146,587 shares of the company's stock, valued at approximately $12,688,570.72. The trade was 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 worth $5,730,589 over the last three months. 1.18% of the stock is currently owned by insiders.

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.

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