Thrivent Financial for Lutherans Grows Position in Tapestry, Inc. (NYSE:TPR)

Thrivent Financial for Lutherans lifted its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 18.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 175,307 shares of the luxury accessories retailer’s stock after buying an additional 27,886 shares during the period. Thrivent Financial for Lutherans’ holdings in Tapestry were worth $11,453,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Counterpoint Mutual Funds LLC purchased a new stake in shares of Tapestry during the fourth quarter valued at $477,000. Cibc World Markets Corp boosted its position in shares of Tapestry by 46.8% during the fourth quarter. Cibc World Markets Corp now owns 26,222 shares of the luxury accessories retailer’s stock valued at $1,713,000 after buying an additional 8,360 shares during the last quarter. Corient Private Wealth LLC boosted its position in shares of Tapestry by 43.3% during the fourth quarter. Corient Private Wealth LLC now owns 38,893 shares of the luxury accessories retailer’s stock valued at $2,541,000 after buying an additional 11,754 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Tapestry by 21.9% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 15,913 shares of the luxury accessories retailer’s stock valued at $1,040,000 after acquiring an additional 2,855 shares during the period. Finally, Monimus Capital Management LP bought a new position in Tapestry in the fourth quarter valued at about $3,216,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Tapestry

In other news, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the completion of the transaction, the chief executive officer now owns 176,985 shares in the company, valued at approximately $14,866,740. The trade was a 10.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of Tapestry 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 completion of the transaction, the chief financial officer now owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. This trade represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is currently owned by company insiders.

Tapestry Stock Performance

NYSE TPR opened at $72.99 on Friday. The stock has a market capitalization of $15.11 billion, a PE ratio of 21.16, a P/E/G ratio of 2.01 and a beta of 1.57. The business has a 50 day simple moving average of $77.17 and a two-hundred day simple moving average of $61.81. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating the consensus estimate 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 previous year, the firm posted $1.63 earnings per share. On average, research analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is 40.58%.

Wall Street Analyst Weigh In

TPR has been the topic of a number of recent research reports. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. increased their target price on Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Raymond James reaffirmed an “outperform” rating and issued a $88.00 price objective (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Barclays raised their price objective on Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Finally, UBS Group raised their price objective on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.53.

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.