Mirae Asset Global Investments Co. Ltd. Buys 35,991 Shares of Tapestry, Inc. (NYSE:TPR)

Mirae Asset Global Investments Co. Ltd. increased its stake in Tapestry, Inc. (NYSE:TPR) by 71.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 86,066 shares of the luxury accessories retailer’s stock after purchasing an additional 35,991 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Tapestry were worth $3,168,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Brown Brothers Harriman & Co. increased its stake in shares of Tapestry by 340.7% in the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after acquiring an additional 511 shares in the last quarter. Alpha Paradigm Partners LLC acquired a new stake in Tapestry in the 3rd quarter valued at $26,000. Bell Investment Advisors Inc grew its position in Tapestry by 718.1% in the 3rd 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 during the period. Quarry LP grew its position in Tapestry by 100.8% in the 2nd quarter. Quarry LP now owns 968 shares of the luxury accessories retailer’s stock valued at $41,000 after purchasing an additional 127,311 shares during the period. Finally, Canada Pension Plan Investment Board grew its position in Tapestry by 955.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock valued at $41,000 after purchasing an additional 994 shares during the period. Institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Evercore ISI raised shares of Tapestry from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $30.00 to $50.00 in a research report on Monday, February 5th. TheStreet raised shares of Tapestry from a “c+” rating to a “b-” rating in a research report on Tuesday, December 26th. OTR Global reissued a “mixed” rating on shares of Tapestry in a research report on Wednesday. Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research note on Wednesday, March 27th. Finally, Wells Fargo & Company upped their target price on shares of Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.81.

Tapestry Price Performance

NYSE TPR opened at $40.49 on Thursday. The company has a market cap of $9.29 billion, a PE ratio of 10.22, a price-to-earnings-growth ratio of 0.84 and a beta of 1.57. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90. The firm’s 50-day simple moving average is $45.57 and its two-hundred day simple moving average is $37.41.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 EPS for the quarter, beating the consensus estimate of $1.46 by $0.17. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The company’s revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.36 earnings per share. Research analysts predict that Tapestry, Inc. will post 4.25 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s dividend payout ratio (DPR) is presently 35.35%.

Tapestry Company 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.