Comerica Bank Buys 269,580 Shares of Tapestry, Inc. (NYSE:TPR)

Comerica Bank raised its stake in shares of Tapestry, Inc. (NYSE:TPR) by 59.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 722,433 shares of the luxury accessories retailer’s stock after purchasing an additional 269,580 shares during the period. Comerica Bank owned 0.35% of Tapestry worth $47,197,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Utah Retirement Systems lifted its position in Tapestry by 1.6% in the fourth quarter. Utah Retirement Systems now owns 38,509 shares of the luxury accessories retailer’s stock worth $2,516,000 after buying an additional 600 shares during the last quarter. Candlestick Capital Management LP purchased a new stake in shares of Tapestry in the fourth quarter valued at $66,902,000. Lido Advisors LLC lifted its holdings in shares of Tapestry by 149.3% in the 4th quarter. Lido Advisors LLC now owns 11,862 shares of the luxury accessories retailer’s stock worth $775,000 after acquiring an additional 7,103 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Tapestry by 3.0% during the 4th quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer’s stock worth $183,909,000 after purchasing an additional 83,222 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Tapestry by 1.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 184,414 shares of the luxury accessories retailer’s stock valued at $12,048,000 after purchasing an additional 1,982 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TPR. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. Guggenheim lifted their price objective on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 7th. Citigroup dropped their target price on shares of Tapestry from $95.00 to $81.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. JPMorgan Chase & Co. lifted their price target on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Barclays dropped their price objective on Tapestry from $100.00 to $83.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $78.26.

Insider Buying and Selling at Tapestry

In other Tapestry news, CEO Todd Kahn sold 21,107 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the completion of the transaction, the chief executive officer now directly owns 176,985 shares of the company’s stock, valued at approximately $14,866,740. This trade represents a 10.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the sale, the chief financial officer now owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. The trade was a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is owned by corporate insiders.

Tapestry Price Performance

Shares of TPR opened at $69.98 on Wednesday. The company has a 50 day moving average of $71.42 and a two-hundred day moving average of $66.34. The company has a quick ratio of 1.05, a current ratio of 1.58 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. The company has a market cap of $14.49 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37.

Tapestry (NYSE:TPR) last posted its quarterly earnings data 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 return on equity of 44.00% and a net margin of 11.74%. During the same period in the previous year, the business posted $1.63 earnings per share. As a group, analysts predict 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 was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry’s dividend payout ratio is presently 40.58%.

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.