Sterling Capital Management LLC Grows Position in Tapestry, Inc. (NYSE:TPR)

Sterling Capital Management LLC boosted its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 1,024.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 98,598 shares of the luxury accessories retailer's stock after buying an additional 89,829 shares during the quarter. Sterling Capital Management LLC's holdings in Tapestry were worth $6,441,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TPR. Venturi Wealth Management LLC raised its stake in 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 acquiring an additional 252 shares during the period. UMB Bank n.a. grew 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 valued at $77,000 after buying an additional 496 shares in the last quarter. Brown Brothers Harriman & Co. raised its holdings in Tapestry by 1,792.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer's stock valued at $78,000 after acquiring an additional 1,129 shares during the period. Atlas Capital Advisors Inc. lifted its position in shares of Tapestry by 527.2% during the fourth quarter. Atlas Capital Advisors Inc. now owns 1,267 shares of the luxury accessories retailer's stock worth $83,000 after acquiring an additional 1,065 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. bought a new position in shares of Tapestry in the fourth quarter worth $95,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling

In related news, CEO Todd Kahn sold 21,107 shares of the firm's 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 completion of the sale, the chief executive officer now owns 176,985 shares of the company's stock, valued at $14,866,740. This trade represents a 10.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel David E. Howard sold 11,917 shares of the business's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the transaction, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. The trade was a 23.59 % 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 valued at $5,730,589 over the last ninety days. 1.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on TPR. Jefferies Financial Group raised their target price on Tapestry from $80.00 to $83.00 and gave the stock a "buy" rating in a research note on Tuesday, January 28th. Robert W. Baird increased their target price on shares of Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $65.00 price target on shares of Tapestry in a report on Tuesday, January 21st. StockNews.com cut Tapestry from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Finally, The Goldman Sachs Group lifted their price target on Tapestry from $72.00 to $98.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $77.63.

Tapestry Trading Up 0.2 %

TPR traded up $0.13 on Tuesday, hitting $63.91. 3,841,947 shares of the company were exchanged, compared to its average volume of 4,178,013. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The firm has a fifty day simple moving average of $75.26 and a two-hundred day simple moving average of $64.92. The stock has a market capitalization of $13.23 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month 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 EPS 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 period in the prior year, the business earned $1.63 EPS. Sell-side analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current 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 issued a dividend of $0.35 per share. The ex-dividend date was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.19%. Tapestry's dividend payout ratio is currently 40.58%.

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.