Cinctive Capital Management LP Increases Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Cinctive Capital Management LP boosted its position in shares of Tapestry, Inc. (NYSE:TPR) by 174.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 362,807 shares of the luxury accessories retailer’s stock after purchasing an additional 230,731 shares during the period. Tapestry makes up 1.2% of Cinctive Capital Management LP’s holdings, making the stock its 11th biggest holding. Cinctive Capital Management LP’s holdings in Tapestry were worth $23,702,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its stake in Tapestry by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock worth $522,471,000 after acquiring an additional 382,856 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Tapestry by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer’s stock worth $376,247,000 after purchasing an additional 176,717 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Tapestry by 15.2% in the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock valued at $270,304,000 after buying an additional 546,497 shares during the period. Allianz Asset Management GmbH lifted its position in Tapestry by 16.4% in the fourth quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock valued at $138,596,000 after buying an additional 298,409 shares during the last quarter. Finally, Norges Bank purchased a new position in Tapestry during the fourth quarter worth about $114,199,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Activity

In other news, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares of the company’s stock, valued at $3,397,592. The trade was a 23.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Todd Kahn sold 7,786 shares of the 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 completion of the sale, the chief executive officer now directly owns 201,531 shares in the company, valued at approximately $17,652,100.29. The trade was a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock valued at $5,730,589 over the last quarter. Corporate insiders own 1.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TPR shares. Barclays lifted their target price on shares of Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, February 7th. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a research note on Monday. Robert W. Baird lifted their target price on Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Guggenheim increased their price target on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Finally, Evercore ISI upped their target price on shares of Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

Tapestry Stock Performance

NYSE TPR opened at $72.92 on Wednesday. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. 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 company has a market capitalization of $15.10 billion, a PE ratio of 21.14, a P/E/G ratio of 2.01 and a beta of 1.57. The company has a fifty day moving average of $77.60 and a two-hundred day moving average of $63.51.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating 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 previous year, the business posted $1.63 EPS. As a group, analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.92%. Tapestry’s payout ratio is currently 40.58%.

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.