Alliancebernstein L.P. Acquires 546,497 Shares of Tapestry, Inc. (NYSE:TPR)

Alliancebernstein L.P. boosted its stake in Tapestry, Inc. (NYSE:TPR) by 15.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 4,137,521 shares of the luxury accessories retailer’s stock after purchasing an additional 546,497 shares during the quarter. Alliancebernstein L.P.’s holdings in Tapestry were worth $270,304,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC increased its position in shares of Tapestry by 14.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 51,247 shares of the luxury accessories retailer’s stock valued at $3,348,000 after buying an additional 6,561 shares during the period. Schroder Investment Management Group grew its holdings in shares of Tapestry by 86.4% during the 4th quarter. Schroder Investment Management Group now owns 177,092 shares of the luxury accessories retailer’s stock worth $11,656,000 after acquiring an additional 82,083 shares during the period. Brown Brothers Harriman & Co. lifted its stake in shares of Tapestry by 1,792.1% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer’s stock valued at $78,000 after purchasing an additional 1,129 shares during the period. Pictet Asset Management Holding SA boosted its position 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 valued at $30,344,000 after purchasing an additional 410,918 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its stake in Tapestry by 17.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 5,029 shares of the luxury accessories retailer’s stock worth $329,000 after purchasing an additional 754 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on TPR. UBS Group raised their price objective on Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Evercore ISI boosted their price objective 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. Raymond James reaffirmed an “outperform” rating and set a $88.00 target price (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Redburn Atlantic raised Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price target on the stock in a research report on Tuesday, February 18th. Finally, The Goldman Sachs Group raised their price objective on Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

Tapestry Price Performance

NYSE TPR opened at $70.44 on Tuesday. The stock has a market capitalization of $14.58 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 2.01 and a beta of 1.57. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. 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 business’s fifty day moving average price is $77.63 and its 200-day moving average price is $63.29.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating 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 period in the prior year, the business earned $1.63 EPS. On average, equities analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were given a dividend of $0.35 per share. The ex-dividend date was Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.99%. Tapestry’s dividend payout ratio (DPR) is 40.58%.

Insider Buying and Selling at Tapestry

In other news, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. This represents a 23.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Todd Kahn sold 7,786 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the transaction, the chief executive officer now directly owns 201,531 shares in the company, valued at approximately $17,652,100.29. This represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,537 shares of company stock valued at $5,730,589. Insiders own 1.18% of the company’s stock.

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.