Mackenzie Financial Corp Acquires 3,735 Shares of Tapestry, Inc. (NYSE:TPR)

Mackenzie Financial Corp increased its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 25.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,132 shares of the luxury accessories retailer’s stock after purchasing an additional 3,735 shares during the quarter. Mackenzie Financial Corp’s holdings in Tapestry were worth $667,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bell Investment Advisors Inc lifted its holdings in shares of Tapestry by 718.1% during the third quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock valued at $27,000 after purchasing an additional 833 shares in the last quarter. AllSquare Wealth Management LLC increased its position in Tapestry by 35.1% during the third quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock valued at $47,000 after acquiring an additional 423 shares during the last quarter. Parkside Financial Bank & Trust increased its position in Tapestry by 56.9% during the third quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock valued at $53,000 after acquiring an additional 668 shares during the last quarter. Allworth Financial LP increased its position in Tapestry by 62.0% during the fourth quarter. Allworth Financial LP now owns 1,620 shares of the luxury accessories retailer’s stock valued at $60,000 after acquiring an additional 620 shares during the last quarter. Finally, Wolverine Asset Management LLC purchased a new stake in Tapestry during the third quarter valued at $63,000. 90.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TPR has been the subject of a number of research reports. OTR Global reiterated a “mixed” rating on shares of Tapestry in a research report on Wednesday, April 17th. The Goldman Sachs Group upped their price objective on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Wells Fargo & Company upped their price target on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Evercore ISI upgraded Tapestry from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $30.00 to $50.00 in a research report on Monday, February 5th. Finally, Telsey Advisory Group restated an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a research report on Wednesday, March 27th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Tapestry has an average rating of “Moderate Buy” and an average target price of $47.81.

Tapestry Stock Performance

NYSE:TPR opened at $39.39 on Friday. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $48.80. The stock has a 50-day moving average price of $45.16 and a 200 day moving average price of $37.84. The stock has a market capitalization of $9.03 billion, a P/E ratio of 9.95, a P/E/G ratio of 0.81 and a beta of 1.57.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same period in the prior year, the company earned $1.36 earnings per share. The firm’s revenue was up 2.5% on a year-over-year basis. Equities research analysts forecast that Tapestry, Inc. will post 4.23 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s payout ratio is presently 35.35%.

About Tapestry

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.