Janney Montgomery Scott LLC Purchases New Position in Tapestry, Inc. (NYSE:TPR)

Janney Montgomery Scott LLC purchased a new stake in Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 5,091 shares of the luxury accessories retailer’s stock, valued at approximately $333,000.

A number of other hedge funds have also modified their holdings of TPR. Erste Asset Management GmbH acquired a new stake in shares of Tapestry in the 3rd quarter valued at approximately $64,016,000. Bank of Montreal Can raised its position in shares of Tapestry by 76.6% in the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after acquiring an additional 539,793 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Tapestry by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after acquiring an additional 272,007 shares during the period. Westfield Capital Management Co. LP raised its position in shares of Tapestry by 14.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after acquiring an additional 219,544 shares during the period. Finally, Empowered Funds LLC raised its position in shares of Tapestry by 972.6% in the 3rd quarter. Empowered Funds LLC now owns 203,491 shares of the luxury accessories retailer’s stock valued at $9,560,000 after acquiring an additional 184,519 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Price Performance

NYSE:TPR opened at $81.35 on Wednesday. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $87.87. The company has a current ratio of 1.58, a quick ratio of 4.38 and a debt-to-equity ratio of 1.78. The firm has a fifty day simple moving average of $68.71 and a 200 day simple moving average of $54.02. The stock has a market capitalization of $18.96 billion, a PE ratio of 23.58, a P/E/G ratio of 2.30 and a beta of 1.58.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping analysts’ consensus estimates 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 quarter in the previous year, the business earned $1.63 earnings per share. On average, research analysts expect that Tapestry, Inc. will post 4.7 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.72%. Tapestry’s dividend payout ratio (DPR) is 40.58%.

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.18% of the company’s stock.

Analysts Set New Price Targets

TPR has been the topic of several research analyst reports. Barclays raised their target price on shares of Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Bank of America raised their target price on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Telsey Advisory Group raised their target price on shares of Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. Wells Fargo & Company raised their target price on shares of Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Finally, UBS Group raised their target price on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $73.17.

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.