CIBC Asset Management Inc Increases Holdings in Tapestry, Inc. (NYSE:TPR)

CIBC Asset Management Inc lifted its holdings in Tapestry, Inc. (NYSE:TPR) by 3.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,374 shares of the luxury accessories retailer’s stock after acquiring an additional 1,049 shares during the period. CIBC Asset Management Inc’s holdings in Tapestry were worth $2,180,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Erste Asset Management GmbH bought a new position in Tapestry in the 3rd quarter worth approximately $64,016,000. WT Asset Management Ltd bought a new position in shares of Tapestry during the fourth quarter worth $42,762,000. Bank of Montreal Can grew its stake in Tapestry by 76.6% during the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after acquiring an additional 539,793 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Tapestry by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after acquiring an additional 272,007 shares during the last quarter. Finally, Westfield Capital Management Co. LP lifted its stake in Tapestry by 14.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after purchasing an additional 219,544 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Trading Down 2.2 %

Shares of TPR opened at $84.60 on Friday. The company has a 50-day moving average of $72.63 and a 200 day moving average of $56.48. 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 firm has a market capitalization of $17.51 billion, a price-to-earnings ratio of 24.52, a PEG ratio of 2.07 and a beta of 1.58. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

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

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Insiders Place Their Bets

In related news, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now directly owns 38,609 shares of the company’s stock, valued at $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 is available through this hyperlink. Corporate insiders own 1.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. UBS Group lifted their target price on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. JPMorgan Chase & Co. lifted their price objective on Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Raymond James restated an “outperform” rating and issued a $88.00 price target (up previously from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Wells Fargo & Company boosted their target price on shares of Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Finally, The Goldman Sachs Group increased their price target on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a report 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

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.