Alpha DNA Investment Management LLC Purchases New Shares in Tapestry, Inc. (NYSE:TPR)

Alpha DNA Investment Management LLC acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,698 shares of the luxury accessories retailer’s stock, valued at approximately $438,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Tapestry in the fourth quarter valued at about $114,199,000. WT Asset Management Ltd bought a new position in shares of Tapestry in the 4th quarter valued at about $42,762,000. Raymond James Financial Inc. bought a new position in shares of Tapestry in the 4th quarter valued at about $38,180,000. Alliancebernstein L.P. grew its position in shares of Tapestry by 15.2% during the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock worth $270,304,000 after buying an additional 546,497 shares during the period. Finally, Pictet Asset Management Holding SA raised its stake in shares of Tapestry by 767.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 464,478 shares of the luxury accessories retailer’s stock worth $30,344,000 after buying an additional 410,918 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on TPR shares. Evercore ISI lifted their target price on shares of Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Telsey Advisory Group lifted their price objective on Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. Jefferies Financial Group increased their target price on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. JPMorgan Chase & Co. raised their target price on Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, Guggenheim upped their price target on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and an average price target of $79.00.

Tapestry Price Performance

Shares of NYSE TPR opened at $63.53 on Friday. The company has a fifty day moving average price of $74.24 and a 200 day moving average price of $65.14. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The firm has a market cap of $13.15 billion, a PE ratio of 18.41, a PEG ratio of 2.01 and a beta of 1.37. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 in the prior year, the firm earned $1.63 earnings per share. Research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Thursday, March 6th. Tapestry’s dividend payout ratio is presently 40.58%.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 21,107 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the completion of the transaction, the chief executive officer now directly owns 176,985 shares of the company’s stock, valued at approximately $14,866,740. This represents a 10.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is owned by insiders.

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.