Cornerstone Select Advisors LLC Purchases Shares of 8,381 Tapestry, Inc. (NYSE:TPR)

Cornerstone Select Advisors LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 8,381 shares of the luxury accessories retailer's stock, valued at approximately $548,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TPR. Ameriprise Financial Inc. boosted its holdings in shares of Tapestry by 4.8% during the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock worth $527,799,000 after acquiring an additional 370,784 shares during the period. Charles Schwab Investment Management Inc. increased its position in Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock valued at $522,471,000 after acquiring an additional 382,856 shares during the period. Geode Capital Management LLC raised its position in 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 position 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 acquiring an additional 546,497 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Tapestry by 3.0% in 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. 90.77% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total value of $1,772,988.00. Following the sale, the chief executive officer now owns 176,985 shares in the company, valued at $14,866,740. The trade was a 10.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel David E. Howard sold 11,917 shares of the firm'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 sale, the general counsel now owns 38,609 shares of the company's stock, valued at $3,397,592. This trade represents a 23.59 % 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 worth $5,730,589 in the last 90 days. 1.18% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

TPR has been the topic of a number of recent analyst reports. Citigroup cut their target price on Tapestry from $95.00 to $81.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. UBS Group upped their target price on shares of Tapestry from $70.00 to $80.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. JPMorgan Chase & Co. raised their price objective on Tapestry from $88.00 to $104.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Barclays cut their target price on Tapestry from $100.00 to $83.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Finally, Telsey Advisory Group restated an "outperform" rating and set a $92.00 price target on shares of Tapestry in a research report on Thursday, May 1st. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.47.

Tapestry Stock Performance

NYSE TPR opened at $73.37 on Wednesday. The stock has a market capitalization of $15.19 billion, a PE ratio of 21.27, a P/E/G ratio of 2.01 and a beta of 1.41. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. The company's 50 day simple moving average is $70.16 and its two-hundred day simple moving average is $67.27. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter last year, the firm earned $1.63 earnings per share. Analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry's dividend payout ratio (DPR) 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.

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