Forum Financial Management LP Acquires New Holdings in Tapestry, Inc. (NYSE:TPR)

Forum Financial Management LP acquired a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 5,089 shares of the luxury accessories retailer's stock, valued at approximately $333,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TPR. Charles Schwab Investment Management Inc. boosted its position 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 lifted its stake 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 period. Alliancebernstein L.P. boosted its holdings in shares of Tapestry by 15.2% during the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock worth $270,304,000 after purchasing an additional 546,497 shares during the last quarter. Allianz Asset Management GmbH increased its stake 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 purchasing 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.

Tapestry Stock Up 0.8 %

Shares of Tapestry stock traded up $0.52 during trading on Friday, reaching $68.82. The company had a trading volume of 3,186,479 shares, compared to its average volume of 4,173,727. The company has a market cap of $14.25 billion, a price-to-earnings ratio of 19.95, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The firm's fifty day moving average is $72.15 and its 200-day moving average is $66.14. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping 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 period last year, the business posted $1.63 earnings per share. On average, analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Thursday, March 6th. Tapestry's dividend payout ratio is presently 40.58%.

Wall Street Analysts Forecast Growth

TPR has been the subject of several research reports. Jefferies Financial Group boosted their price objective on shares of Tapestry from $80.00 to $83.00 and gave the company a "buy" rating in a research note on Tuesday, January 28th. Citigroup cut their price objective on Tapestry from $95.00 to $81.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. UBS Group boosted 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. Morgan Stanley reissued an "equal weight" rating and set a $65.00 target price on shares of Tapestry in a research report on Tuesday, January 21st. Finally, Redburn Atlantic raised shares of Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price target on the stock in a research report on Tuesday, February 18th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and an average target price of $78.26.

Insider Transactions at Tapestry

In related news, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the sale, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the company's stock in a transaction dated 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 approximately $3,397,592. This trade represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is currently owned by company insiders.

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.