Pictet Asset Management Holding SA Buys 410,918 Shares of Tapestry, Inc. (NYSE:TPR)

Pictet Asset Management Holding SA lifted its position in Tapestry, Inc. (NYSE:TPR) by 767.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 464,478 shares of the luxury accessories retailer’s stock after acquiring an additional 410,918 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.20% of Tapestry worth $30,344,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in TPR. Daiwa Securities Group Inc. grew its position in Tapestry by 14.9% in the 3rd quarter. Daiwa Securities Group Inc. now owns 10,619 shares of the luxury accessories retailer’s stock worth $499,000 after purchasing an additional 1,380 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Tapestry by 0.4% in the third quarter. The Manufacturers Life Insurance Company now owns 182,432 shares of the luxury accessories retailer’s stock valued at $8,571,000 after acquiring an additional 711 shares in the last quarter. Townsquare Capital LLC increased its position in shares of Tapestry by 15.8% during the third quarter. Townsquare Capital LLC now owns 11,162 shares of the luxury accessories retailer’s stock valued at $524,000 after acquiring an additional 1,526 shares during the last quarter. Glenmede Trust Co. NA lifted its holdings in Tapestry by 55.8% during the third quarter. Glenmede Trust Co. NA now owns 45,674 shares of the luxury accessories retailer’s stock worth $2,146,000 after acquiring an additional 16,353 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in Tapestry by 206.0% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,847 shares of the luxury accessories retailer’s stock worth $228,000 after purchasing an additional 3,263 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

Tapestry stock opened at $70.25 on Monday. The stock has a market cap of $14.54 billion, a price-to-earnings ratio of 20.36, a PEG ratio of 2.01 and a beta of 1.57. 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 business has a 50-day simple moving average of $77.65 and a 200 day simple moving average of $63.09. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85.

Tapestry (NYSE:TPR) last issued its quarterly earnings data 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 return on equity of 44.00% and a net margin of 11.74%. During the same quarter last year, the business earned $1.63 earnings per share. On average, research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.99%. The ex-dividend date was Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is currently 40.58%.

Analyst Ratings Changes

TPR has been the topic of a number of recent analyst reports. Raymond James reiterated an “outperform” rating and set a $88.00 target price (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Telsey Advisory Group boosted their target price on shares of Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. Wells Fargo & Company raised their price target on shares of Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Redburn Atlantic upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective on the stock in a research note on Tuesday, February 18th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $65.00 target price on shares of Tapestry in a research report on Tuesday, January 21st. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Insider Transactions at Tapestry

In related news, CFO Scott A. Roe sold 25,727 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the completion of the sale, the chief financial officer now owns 146,587 shares in the company, valued at $12,688,570.72. The trade was a 14.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Todd Kahn sold 7,786 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the sale, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at approximately $17,652,100.29. This represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,537 shares of company stock valued at $5,730,589. Insiders own 1.18% of the company’s stock.

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.