Raymond James Financial Inc. Makes New Investment in Tapestry, Inc. (NYSE:TPR)

Raymond James Financial Inc. 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 and Exchange Commission. The fund acquired 584,415 shares of the luxury accessories retailer's stock, valued at approximately $38,180,000. Raymond James Financial Inc. owned 0.25% of Tapestry at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TPR. Erste Asset Management GmbH acquired a new position in shares of Tapestry in the 3rd quarter valued at about $64,016,000. WT Asset Management Ltd acquired a new position in shares of Tapestry in the 4th quarter valued at about $42,762,000. Bank of Montreal Can increased its holdings in shares of Tapestry by 76.6% in the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer's stock valued at $59,641,000 after purchasing an additional 539,793 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of 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 valued at $522,471,000 after purchasing an additional 382,856 shares during the period. Finally, Allianz Asset Management GmbH increased its holdings in shares of 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 valued at $138,596,000 after purchasing an additional 298,409 shares during the period. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Stock Down 0.4 %

Shares of TPR stock opened at $71.65 on Thursday. The stock has a 50 day moving average of $76.57 and a 200-day moving average of $60.30. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The firm has a market cap of $14.83 billion, a PE ratio of 20.77, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85.

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Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results 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 return on equity of 44.00% and a net margin of 11.74%. During the same period last year, the business earned $1.63 earnings per share. On average, equities analysts predict that Tapestry, Inc. will post 4.91 EPS for the current 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 of this dividend is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.95%. Tapestry's payout ratio is 40.58%.

Insider Activity at Tapestry

In other Tapestry news, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd Kahn sold 21,107 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 176,985 shares of the company's stock, valued at $14,866,740. This represents a 10.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their target price on Tapestry from $88.00 to $104.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Redburn Atlantic raised Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price target for the company in a research note on Tuesday, February 18th. The Goldman Sachs Group boosted their price target on Tapestry from $72.00 to $98.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Guggenheim boosted their price target on Tapestry from $70.00 to $90.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Finally, UBS Group boosted their price target on Tapestry from $70.00 to $80.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus 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.

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