Texas Bank & Trust Co Purchases Shares of 3,960 Tapestry, Inc. (NYSE:TPR)

Texas Bank & Trust Co bought a new position in Tapestry, Inc. (NYSE:TPR - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,960 shares of the luxury accessories retailer's stock, valued at approximately $259,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TPR. Price T Rowe Associates Inc. MD boosted its stake in Tapestry by 593.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock worth $143,198,000 after purchasing an additional 1,875,753 shares during the period. Norges Bank acquired a new position in Tapestry in the 4th quarter worth $114,199,000. Point72 Asset Management L.P. acquired a new position in Tapestry in the 4th quarter worth $101,433,000. Candlestick Capital Management LP acquired a new position in Tapestry in the 4th quarter worth $66,902,000. Finally, Point72 Hong Kong Ltd acquired a new position in Tapestry in the 4th quarter worth $65,751,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Price Performance

Shares of NYSE TPR traded down $2.72 during midday trading on Wednesday, reaching $79.80. 3,794,561 shares of the company were exchanged, compared to its average volume of 4,224,523. The stock's 50-day moving average price is $71.18 and its 200-day moving average price is $69.70. The stock has a market cap of $16.57 billion, a P/E ratio of 23.13, a PEG ratio of 2.01 and a beta of 1.41. Tapestry, Inc. has a one year low of $35.23 and a one year 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.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. The firm had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The company's revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 earnings per share. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.75%. Tapestry's payout ratio is presently 36.84%.

Insiders Place Their Bets

In related news, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the sale, the chief executive officer now owns 116,062 shares of the company's stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the completion of the sale, the vice president now directly owns 40,922 shares in the company, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,936 shares of company stock valued at $9,101,139. 1.18% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Jefferies Financial Group increased their price objective on shares of Tapestry from $80.00 to $83.00 and gave the stock a "buy" rating in a research note on Tuesday, January 28th. Guggenheim raised their price objective on shares of Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Barclays raised their price objective on shares of Tapestry from $83.00 to $98.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Telsey Advisory Group reiterated an "outperform" rating and issued a $92.00 price target on shares of Tapestry in a research report on Friday, May 9th. Finally, Evercore ISI lifted their price target on shares of Tapestry from $68.00 to $74.00 and gave the company an "outperform" rating in a research report on Monday, January 27th. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $83.89.

About Tapestry

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.