Tapestry, Inc. (NYSE:TPR) Shares Bought by Mackenzie Financial Corp

Mackenzie Financial Corp grew its stake in shares of Tapestry, Inc. (NYSE:TPR) by 25.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,132 shares of the luxury accessories retailer’s stock after acquiring an additional 3,735 shares during the period. Mackenzie Financial Corp’s holdings in Tapestry were worth $667,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of TPR. AE Wealth Management LLC raised its position in shares of Tapestry by 32.8% during the 3rd quarter. AE Wealth Management LLC now owns 49,596 shares of the luxury accessories retailer’s stock worth $1,426,000 after purchasing an additional 12,250 shares during the last quarter. Exchange Traded Concepts LLC acquired a new position in shares of Tapestry during the 3rd quarter worth approximately $118,000. Secure Asset Management LLC acquired a new position in shares of Tapestry during the 3rd quarter worth approximately $814,000. Oak Thistle LLC acquired a new position in shares of Tapestry during the 3rd quarter worth approximately $510,000. Finally, Czech National Bank raised its position in shares of Tapestry by 47.6% during the 3rd quarter. Czech National Bank now owns 40,514 shares of the luxury accessories retailer’s stock worth $1,165,000 after purchasing an additional 13,073 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Down 1.6 %

Shares of Tapestry stock opened at $39.39 on Friday. The company has a fifty day moving average price of $45.16 and a 200 day moving average price of $37.84. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90. Tapestry, Inc. has a twelve month low of $25.99 and a twelve month high of $48.80. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of 9.95, a price-to-earnings-growth ratio of 0.81 and a beta of 1.57.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. During the same period in the prior year, the company earned $1.36 EPS. The firm’s revenue was up 2.5% on a year-over-year basis. Equities research analysts forecast that Tapestry, Inc. will post 4.23 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were given a dividend of $0.35 per share. The ex-dividend date was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a yield of 3.55%. Tapestry’s dividend payout ratio (DPR) is 35.35%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TPR. The Goldman Sachs Group boosted their price target on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a report on Friday, February 9th. Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a report on Wednesday, March 27th. OTR Global reiterated a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Raymond James boosted their price target on Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. Finally, Evercore ISI upgraded Tapestry from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $30.00 to $50.00 in a report on Monday, February 5th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.81.

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.