Ensign Peak Advisors Inc Raises Stock Position in Tapestry, Inc. (NYSE:TPR)

Ensign Peak Advisors Inc lifted its position in Tapestry, Inc. (NYSE:TPR) by 3.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 88,840 shares of the luxury accessories retailer’s stock after buying an additional 3,064 shares during the period. Ensign Peak Advisors Inc’s holdings in Tapestry were worth $5,804,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Apollon Wealth Management LLC purchased a new position in shares of Tapestry in the 4th quarter worth approximately $328,000. Charles Schwab Investment Management Inc. boosted its stake in Tapestry by 5.0% in the 4th 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 in the last quarter. Decker Retirement Planning Inc. acquired a new stake in Tapestry in the 4th quarter worth approximately $3,437,000. Abacus FCF Advisors LLC boosted its stake in Tapestry by 46.2% in the 4th quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer’s stock worth $2,972,000 after purchasing an additional 14,384 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Tapestry by 14.6% in the 4th quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer’s stock worth $20,195,000 after purchasing an additional 39,298 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Activity

In related news, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction on Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the sale, the chief executive officer now directly owns 201,531 shares in the company, valued at $17,652,100.29. This represents a 3.72% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 106,537 shares of company stock valued at $8,986,589 in the last three months. 1.18% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on TPR. Guggenheim lifted their target price on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price for the company in a research note on Tuesday, February 18th. Morgan Stanley upgraded shares of Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 target price for the company in a research note on Thursday, May 8th. 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 research note on Monday, January 27th. Finally, Jefferies Financial Group lifted their target price on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Four investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $83.06.

Tapestry Price Performance

NYSE:TPR opened at $83.67 on Wednesday. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The firm has a market cap of $17.32 billion, a price-to-earnings ratio of 24.25, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. The company has a 50 day moving average price of $69.90 and a 200-day moving average price of $68.44. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.14. The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 EPS. Equities research analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Friday, June 6th. Tapestry’s dividend payout ratio (DPR) is 36.84%.

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.