Tapestry, Inc. $TPR Stake Lowered by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 11.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 755,036 shares of the luxury accessories retailer’s stock after selling 93,990 shares during the period. Pictet Asset Management Holding SA’s holdings in Tapestry were worth $86,858,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in Tapestry in the second quarter valued at approximately $2,610,995,000. Bank of America Corp DE bought a new stake in shares of Tapestry during the 2nd quarter valued at $771,309,000. Bank of New York Mellon Corp acquired a new position in shares of Tapestry in the 2nd quarter valued at $175,291,000. Amundi lifted its stake in shares of Tapestry by 96.0% in the 1st quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock valued at $249,751,000 after purchasing an additional 866,969 shares during the period. Finally, Legal & General Group Plc acquired a new position in shares of Tapestry in the 2nd quarter valued at $118,994,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer owned 666,149 shares of the company’s stock, valued at $88,244,758.03. This represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Denise Kulikowsky sold 5,810 shares of the firm’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $115.38, for a total transaction of $670,357.80. Following the sale, the insider owned 21,136 shares in the company, valued at approximately $2,438,671.68. The trade was a 21.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on TPR shares. JPMorgan Chase & Co. upped their price objective on Tapestry from $205.00 to $211.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. BTIG Research decreased their target price on Tapestry from $180.00 to $175.00 and set a “buy” rating for the company in a research report on Friday, August 14th. Morgan Stanley lowered their price target on Tapestry from $164.00 to $159.00 and set an “overweight” rating for the company in a research note on Friday, August 14th. BNP Paribas Exane increased their price target on shares of Tapestry from $185.00 to $187.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Finally, Robert W. Baird reduced their price objective on shares of Tapestry from $165.00 to $150.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $167.72.

Tapestry Stock Up 2.6%

Shares of Tapestry stock opened at $136.22 on Tuesday. Tapestry, Inc. has a 1 year low of $99.00 and a 1 year high of $164.80. The business has a 50-day moving average of $117.62 and a two-hundred day moving average of $136.97. The company has a market capitalization of $27.16 billion, a P/E ratio of 17.53, a price-to-earnings-growth ratio of 1.58 and a beta of 1.44. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.26. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the business posted $1.38 EPS. Tapestry’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Tapestry, Inc. will post 8.29 EPS for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Friday, December 4th will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, December 4th. Tapestry’s dividend payout ratio (DPR) is 23.81%.

About Tapestry