Tapestry, Inc. (NYSE:TPR) Shares Bought by Deseret Mutual Benefit Administrators

Deseret Mutual Benefit Administrators grew its stake in Tapestry, Inc. (NYSE:TPR) by 33.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,990 shares of the luxury accessories retailer’s stock after acquiring an additional 498 shares during the quarter. Deseret Mutual Benefit Administrators’ holdings in Tapestry were worth $130,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of TPR. Victory Capital Management Inc. increased its position in Tapestry by 7.5% during the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock worth $20,381,000 after purchasing an additional 30,121 shares during the last quarter. Apollon Wealth Management LLC acquired a new stake in Tapestry during the fourth quarter worth $328,000. Assenagon Asset Management S.A. purchased a new stake in Tapestry in the third quarter valued at $5,446,000. Valley Wealth Managers Inc. lifted its stake in shares of Tapestry by 2.1% in the 3rd quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after purchasing an additional 8,833 shares during the last quarter. Finally, Decker Retirement Planning Inc. purchased a new position in shares of Tapestry during the 4th quarter worth $3,437,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Trading Down 2.2 %

NYSE TPR opened at $84.60 on Friday. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The firm has a 50 day moving average of $72.63 and a two-hundred day moving average of $56.48. 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 stock has a market capitalization of $17.51 billion, a PE ratio of 24.52, a price-to-earnings-growth ratio of 2.07 and a beta of 1.58.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping 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 prior year, the company earned $1.63 earnings per share. As a group, research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Evercore ISI upped their target price on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Barclays increased their price objective on shares of Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Daiwa America raised Tapestry to a “hold” rating in a research report on Monday, November 18th. Raymond James restated an “outperform” rating and set a $88.00 price target (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Finally, StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Saturday, February 15th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $78.53.

Insider Buying and Selling

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction that occurred 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 sale, the general counsel now owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.18% of the stock is owned by company insiders.

Tapestry Company 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.