Tapestry, Inc. (NYSE:TPR) Shares Bought by Cibc World Markets Corp

Cibc World Markets Corp grew its stake in Tapestry, Inc. (NYSE:TPR) by 46.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,222 shares of the luxury accessories retailer’s stock after purchasing an additional 8,360 shares during the quarter. Cibc World Markets Corp’s holdings in Tapestry were worth $1,713,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Corient Private Wealth LLC raised its stake in Tapestry by 43.3% during the fourth quarter. Corient Private Wealth LLC now owns 38,893 shares of the luxury accessories retailer’s stock valued at $2,541,000 after buying an additional 11,754 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of Tapestry by 21.9% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 15,913 shares of the luxury accessories retailer’s stock valued at $1,040,000 after acquiring an additional 2,855 shares in the last quarter. Monimus Capital Management LP bought a new position in Tapestry during the fourth quarter worth $3,216,000. Poinciana Advisors Group LLC acquired a new position in Tapestry in the fourth quarter worth $225,000. Finally, Picton Mahoney Asset Management acquired a new position in Tapestry in the fourth quarter worth $230,000. Institutional investors own 90.77% of the company’s stock.

Insider Transactions at Tapestry

In related news, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction dated 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 transaction, the general counsel now owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Kahn sold 7,786 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the sale, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at $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. Insiders have sold 66,537 shares of company stock valued at $5,730,589 over the last three months. Company insiders own 1.18% of the company’s stock.

Tapestry Stock Performance

NYSE:TPR opened at $72.99 on Friday. The company has a 50-day moving average of $77.17 and a 200-day moving average of $61.67. The firm has a market cap of $15.11 billion, a price-to-earnings ratio of 21.16, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share 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. Analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Thursday, March 6th. Tapestry’s payout ratio is 40.58%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TPR shares. The Goldman Sachs Group increased their price target on Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Wells Fargo & Company raised their target price on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Barclays upped their price target on shares of Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Evercore ISI lifted their price objective on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Finally, UBS Group boosted their target price on shares of Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and an average price target of $78.53.

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.