Sterling Capital Management LLC Purchases 89,829 Shares of Tapestry, Inc. (NYSE:TPR)

Sterling Capital Management LLC boosted its position in shares of Tapestry, Inc. (NYSE:TPR) by 1,024.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 98,598 shares of the luxury accessories retailer’s stock after purchasing an additional 89,829 shares during the period. Sterling Capital Management LLC’s holdings in Tapestry were worth $6,441,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TPR. Charles Schwab Investment Management Inc. lifted its position in shares of Tapestry by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock worth $522,471,000 after purchasing an additional 382,856 shares during the last quarter. Geode Capital Management LLC increased its stake in Tapestry by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer’s stock worth $376,247,000 after buying an additional 176,717 shares during the period. Alliancebernstein L.P. lifted its holdings in Tapestry by 15.2% during the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock valued at $270,304,000 after buying an additional 546,497 shares in the last quarter. Allianz Asset Management GmbH boosted its position 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 valued at $138,596,000 after buying an additional 298,409 shares during the period. Finally, Norges Bank bought a new position in Tapestry in the 4th quarter worth about $114,199,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Trading Down 0.8 %

Tapestry stock opened at $63.40 on Friday. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The stock has a market cap of $13.13 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. The stock has a 50-day moving average of $75.82 and a two-hundred day moving average of $64.69. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating the consensus estimate 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 last year, the company posted $1.63 earnings per share. On average, research analysts anticipate that Tapestry, Inc. will post 4.91 EPS 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 issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Insider Activity at Tapestry

In related news, CFO Scott A. Roe sold 25,727 shares of the firm’s 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 transaction, the chief financial officer now owns 146,587 shares of the company’s stock, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the business’s stock in a transaction 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 transaction, the general counsel now owns 38,609 shares of the company’s stock, valued at $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock valued at $5,730,589 in the last ninety days. Company insiders own 1.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Guggenheim boosted their price target on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 7th. Wells Fargo & Company upped their target price on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Barclays cut their price target on Tapestry from $100.00 to $83.00 and set an “overweight” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. upped their price objective on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, The Goldman Sachs Group raised their target price 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. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.63.

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.