Allianz Asset Management GmbH purchased a new stake in shares of Tapestry Inc (NYSE:TPR) during the 4th quarter, HoldingsChannel reports. The fund purchased 218,841 shares of the luxury accessories retailer’s stock, valued at approximately $9,680,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $791,257,000. American International Group Inc. bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $543,498,000. American Century Companies Inc. bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $287,354,000. Jennison Associates LLC bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $181,887,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $145,882,000. 89.28% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Susan J. Kropf sold 6,185 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $50.80, for a total transaction of $314,198.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Todd Kahn sold 4,357 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $49.13, for a total transaction of $214,059.41. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 140,551 shares of company stock worth $7,020,158. 0.98% of the stock is currently owned by company insiders.
Tapestry (NYSE:TPR) last issued its quarterly earnings data on Tuesday, February 6th. The luxury accessories retailer reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.21. Tapestry had a net margin of 6.14% and a return on equity of 23.68%. The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the business posted $0.75 earnings per share. The firm’s quarterly revenue was up 35.1% on a year-over-year basis. sell-side analysts anticipate that Tapestry Inc will post 2.58 EPS for the current year.
The business also recently disclosed a dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 9th will be issued a dividend of $0.3375 per share. The ex-dividend date of this dividend is Thursday, March 8th. Tapestry’s payout ratio is 120.54%.
TPR has been the topic of several research analyst reports. Needham & Company LLC initiated coverage on shares of Tapestry in a research note on Monday, December 18th. They set a “hold” rating on the stock. Credit Suisse Group started coverage on shares of Tapestry in a report on Monday. They issued an “outperform” rating and a $60.00 price objective on the stock. KeyCorp increased their price objective on shares of Tapestry from $53.00 to $59.00 and gave the company an “overweight” rating in a report on Wednesday, February 7th. Canaccord Genuity set a $58.00 price objective on shares of Tapestry and gave the company a “buy” rating in a report on Monday, February 5th. Finally, Piper Jaffray Companies upgraded shares of Tapestry from a “neutral” rating to an “overweight” rating and set a $54.00 price objective on the stock in a report on Tuesday, February 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $50.75.
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Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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