National Bank of Canada FI Increases Holdings in Tapestry, Inc. (NYSE:TPR)

Key Points

• National Bank of Canada FI increased its holdings in Tapestry, Inc. by 74.3% during Q1, owning about 0.10% of the company valued at $13.96 million.
• Analysts have raised their price targets for Tapestry, with Citigroup setting a new target of $94.00 and Morgan Stanley raising it to $115.00, indicating a strong confidence in the stock.
• Tapestry currently has a market capitalization of $22.43 billion and its stock has fluctuated between a 12-month low of $37.13 and a high of $113.08.

National Bank of Canada FI boosted its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 74.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 198,291 shares of the luxury accessories retailer's stock after purchasing an additional 84,505 shares during the period. National Bank of Canada FI owned about 0.10% of Tapestry worth $13,961,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of TPR. Renaissance Technologies LLC increased its holdings in Tapestry by 130.1% during the 4th quarter. Renaissance Technologies LLC now owns 111,811 shares of the luxury accessories retailer's stock valued at $7,305,000 after purchasing an additional 63,211 shares during the period. Raymond James Financial Inc. purchased a new position in Tapestry during the 4th quarter valued at about $38,180,000. Bessemer Group Inc. increased its holdings in Tapestry by 4.9% during the 4th quarter. Bessemer Group Inc. now owns 31,900 shares of the luxury accessories retailer's stock valued at $2,085,000 after purchasing an additional 1,480 shares during the period. Treasurer of the State of North Carolina increased its holdings in Tapestry by 8.2% during the 4th quarter. Treasurer of the State of North Carolina now owns 108,243 shares of the luxury accessories retailer's stock valued at $7,072,000 after purchasing an additional 8,180 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its position in Tapestry by 30.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 13,643 shares of the luxury accessories retailer's stock valued at $882,000 after acquiring an additional 3,155 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on TPR shares. Citigroup lifted their price objective on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Cowen reaffirmed a "buy" rating on shares of Tapestry in a research report on Thursday. Barclays reaffirmed an "overweight" rating and set a $105.00 price objective (up from $98.00) on shares of Tapestry in a research report on Friday, July 11th. Argus lifted their price objective on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Finally, Morgan Stanley boosted their price target on Tapestry from $90.00 to $115.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Four equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $101.56.

Tapestry Stock Performance

TPR stock opened at $108.01 on Tuesday. The stock has a market capitalization of $22.43 billion, a PE ratio of 28.42, a price-to-earnings-growth ratio of 2.20 and a beta of 1.51. Tapestry, Inc. has a 12-month low of $37.13 and a 12-month high of $113.08. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The stock's 50 day simple moving average is $94.75 and its 200 day simple moving average is $81.91.

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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