Alliancebernstein L.P. Boosts Holdings in Tapestry, Inc. (NYSE:TPR)

Alliancebernstein L.P. raised its stake in Tapestry, Inc. (NYSE:TPR) by 15.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,137,521 shares of the luxury accessories retailer’s stock after acquiring an additional 546,497 shares during the quarter. Alliancebernstein L.P. owned approximately 1.78% of Tapestry worth $270,304,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its stake in Tapestry by 5.0% in the fourth 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 last quarter. Geode Capital Management LLC grew its stake in shares of Tapestry by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock worth $262,156,000 after acquiring an additional 80,681 shares during the period. Allianz Asset Management GmbH increased its holdings in 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 worth $138,596,000 after acquiring an additional 298,409 shares during the last quarter. Norges Bank bought a new stake in Tapestry in the 4th quarter valued at about $114,199,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Tapestry by 8.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,414,618 shares of the luxury accessories retailer’s stock valued at $66,459,000 after purchasing an additional 115,340 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Tapestry Price Performance

TPR opened at $70.44 on Tuesday. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The stock has a market capitalization of $14.58 billion, a P/E ratio of 20.42, a PEG ratio of 2.01 and a beta of 1.57. The stock has a 50-day moving average price of $77.63 and a 200-day moving average price of $63.29. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85.

Tapestry (NYSE:TPR) last issued its quarterly 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 net margin of 11.74% and a return on equity of 44.00%. During the same quarter in the previous year, the company earned $1.63 EPS. Equities analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

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 dividend of $0.35 per share. The ex-dividend date was Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.99%. Tapestry’s payout ratio is 40.58%.

Analysts Set New Price Targets

Several research firms have recently issued reports on TPR. Redburn Atlantic raised shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price target on the stock in a research report on Tuesday, February 18th. Wells Fargo & Company raised their price target on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Jefferies Financial Group boosted their price objective on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. The Goldman Sachs Group raised their target price on Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $65.00 price target on shares of Tapestry in a research report on Tuesday, January 21st. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Insider Activity

In other news, CEO Todd Kahn sold 7,786 shares of the firm’s stock in a transaction that occurred on 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 owns 201,531 shares in the company, valued at approximately $17,652,100.29. This trade represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of Tapestry 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 approximately $12,688,570.72. The trade was a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,537 shares of company stock valued at $5,730,589. 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.