Victory Capital Management Inc. Grows Stake in Tapestry, Inc. (NYSE:TPR)

Victory Capital Management Inc. raised its stake in Tapestry, Inc. (NYSE:TPR) by 18.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 515,095 shares of the luxury accessories retailer’s stock after acquiring an additional 81,270 shares during the quarter. Victory Capital Management Inc. owned approximately 0.22% of Tapestry worth $33,651,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Checchi Capital Advisers LLC boosted its stake in Tapestry by 1.9% in the fourth quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer’s stock valued at $580,000 after acquiring an additional 163 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of Tapestry by 0.9% in the fourth 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 shares of Tapestry by 13.0% in the fourth 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 period. Valley National Advisers Inc. raised its position in shares of Tapestry by 0.5% in the fourth quarter. Valley National Advisers Inc. now owns 43,355 shares of the luxury accessories retailer’s stock valued at $2,831,000 after purchasing an additional 202 shares during the period. Finally, Redwood Investment Management LLC raised its position in shares of Tapestry by 0.4% in the third quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer’s stock valued at $2,269,000 after purchasing an additional 204 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on TPR shares. Raymond James reissued an “outperform” rating and issued a $88.00 price target (up previously from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Jefferies Financial Group boosted their price target 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. Daiwa America raised shares of Tapestry to a “hold” rating in a research report on Monday, November 18th. The Goldman Sachs Group boosted their price target on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, BMO Capital Markets upped their target price on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, November 18th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Tapestry Price Performance

Shares of NYSE:TPR opened at $75.00 on Monday. The company’s fifty day moving average price is $76.22 and its 200-day moving average price is $59.80. The firm has a market capitalization of $15.53 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 2.01 and a beta of 1.57. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. 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 (NYSE:TPR) last announced its quarterly earnings data 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 in the previous year, the business posted $1.63 earnings per share. On average, equities research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders 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 1.87%. Tapestry’s dividend payout ratio (DPR) is 40.58%.

Insider Activity

In other Tapestry news, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction on 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 SEC, which is available at the SEC website. Also, CEO Todd Kahn sold 7,786 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the sale, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at $17,652,100.29. The trade was a 3.72 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,537 shares of company stock valued at $5,730,589. Corporate insiders own 1.18% of the company’s stock.

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.