Zurcher Kantonalbank Zurich Cantonalbank Purchases 9,433 Shares of Tapestry, Inc. (NYSE:TPR)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Tapestry, Inc. (NYSE:TPR) by 18.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 59,608 shares of the luxury accessories retailer’s stock after acquiring an additional 9,433 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Tapestry were worth $3,894,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Venturi Wealth Management LLC raised its position in Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after purchasing an additional 252 shares during the last quarter. Brooklyn Investment Group bought a new position in shares of Tapestry during the third quarter valued at approximately $47,000. Transamerica Financial Advisors Inc. lifted its stake in Tapestry by 159,100.0% in the third quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock worth $75,000 after acquiring an additional 1,591 shares during the period. UMB Bank n.a. boosted its holdings in Tapestry by 72.9% in the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock valued at $77,000 after acquiring an additional 496 shares in the last quarter. Finally, True Wealth Design LLC purchased a new position in Tapestry during the 3rd quarter valued at $83,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Stock Up 1.1 %

TPR opened at $70.48 on Friday. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The firm has a 50 day moving average price of $76.73 and a 200-day moving average price of $60.72. The stock has a market capitalization of $14.59 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 2.01 and a beta of 1.57.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same quarter in the previous year, the business posted $1.63 EPS. Equities research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The company 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 dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.99%. Tapestry’s dividend payout ratio is currently 40.58%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on TPR shares. Raymond James reaffirmed an “outperform” rating and set a $88.00 target price (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Redburn Atlantic raised Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price for the company in a research report on Tuesday, February 18th. Wells Fargo & Company lifted their price target on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. JPMorgan Chase & Co. increased their price objective on Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, Jefferies Financial Group boosted their target price on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average target price of $78.53.

Insider Activity

In other news, CEO Todd Kahn sold 7,786 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value 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 $17,652,100.29. This represents a 3.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel David E. Howard sold 11,917 shares of the business’s stock in a transaction dated 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 sale, the general counsel now directly owns 38,609 shares of the company’s stock, valued at $3,397,592. This represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,537 shares of company stock valued at $5,730,589 in the last quarter. 1.18% of the stock is currently owned by insiders.

Tapestry 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.