Tapestry, Inc. (NYSE:TPR) Shares Sold by Pictet Asset Management SA

Pictet Asset Management SA lowered its holdings in shares of Tapestry, Inc. (NYSE:TPR – Get Rating) by 7.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,165 shares of the luxury accessories retailer’s stock after selling 3,011 shares during the period. Pictet Asset Management SA’s holdings in Tapestry were worth $1,113,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of TPR. Vanguard Group Inc. lifted its stake in shares of Tapestry by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 32,654,335 shares of the luxury accessories retailer’s stock worth $1,213,109,000 after acquiring an additional 751,210 shares during the period. Franklin Resources Inc. lifted its stake in shares of Tapestry by 4.1% in the 2nd quarter. Franklin Resources Inc. now owns 9,825,853 shares of the luxury accessories retailer’s stock worth $299,885,000 after acquiring an additional 390,491 shares during the period. Lazard Asset Management LLC lifted its stake in shares of Tapestry by 45.7% in the 2nd quarter. Lazard Asset Management LLC now owns 4,758,778 shares of the luxury accessories retailer’s stock worth $145,237,000 after acquiring an additional 1,492,589 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Tapestry by 2.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,490,474 shares of the luxury accessories retailer’s stock worth $99,243,000 after acquiring an additional 79,864 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Tapestry by 7.3% in the 2nd quarter. Northern Trust Corp now owns 3,372,674 shares of the luxury accessories retailer’s stock worth $102,934,000 after acquiring an additional 228,218 shares during the period. Institutional investors and hedge funds own 92.84% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Raymond James raised their target price on shares of Tapestry from $44.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 1st. Morgan Stanley restated an “equal weight” rating and issued a $41.00 target price (up previously from $36.00) on shares of Tapestry in a research note on Friday, February 10th. Barclays cut shares of Tapestry from an “overweight” rating to an “equal weight” rating and set a $43.00 price objective for the company. in a research note on Monday, January 23rd. Credit Suisse Group raised their price objective on shares of Tapestry from $45.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, February 10th. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $52.00 price objective on shares of Tapestry in a research note on Thursday, February 9th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.18.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 1,582 shares of Tapestry stock in a transaction dated Friday, December 2nd. The shares were sold at an average price of $38.53, for a total transaction of $60,954.46. Following the completion of the sale, the vice president now directly owns 39,375 shares in the company, valued at $1,517,118.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.81% of the company’s stock.

Tapestry Stock Performance

NYSE:TPR opened at $43.19 on Tuesday. The company has a current ratio of 1.87, a quick ratio of 1.14 and a debt-to-equity ratio of 0.71. The firm has a 50-day moving average price of $42.33 and a two-hundred day moving average price of $36.85. Tapestry, Inc. has a twelve month low of $26.39 and a twelve month high of $47.48. The company has a market capitalization of $10.20 billion, a P/E ratio of 12.85, a price-to-earnings-growth ratio of 0.92 and a beta of 1.40.

Tapestry (NYSE:TPR – Get Rating) last posted its earnings results on Thursday, February 9th. The luxury accessories retailer reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.09. Tapestry had a net margin of 12.69% and a return on equity of 36.58%. The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same period last year, the firm posted $1.33 EPS. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, research analysts expect that Tapestry, Inc. will post 3.72 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 27th. Stockholders of record on Friday, March 10th will be issued a dividend of $0.30 per share. The ex-dividend date is Thursday, March 9th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.78%. Tapestry’s dividend payout ratio (DPR) is presently 35.71%.

Tapestry Profile

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Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade and Stuart Weitzman. The Coach segment consists of global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.