Tapestry, Inc. $TPR Stock: Pictet Asset Management Holding SA Lowers Holdings

Key Points

• Pictet Asset Management Holding SA reduced its Tapestry stake by 11.1% in the third quarter, selling 93,990 shares; it retained 755,036 shares worth about $86.9 million.
• Tapestry beat quarterly earnings and revenue expectations, reporting EPS of $1.82 versus $1.56 expected and revenue of $1.89 billion, up 11.1% year over year.
• Analysts have a consensus Moderate Buy rating and an average price target of $167.72; Tapestry also announced a quarterly dividend of $0.4625 per share.

Pictet Asset Management Holding SA cut its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 11.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 755,036 shares of the luxury accessories retailer's stock after selling 93,990 shares during the period. Pictet Asset Management Holding SA owned approximately 0.38% of Tapestry worth $86,858,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Tapestry in the second quarter valued at $43,929,000. Tidal Investments LLC increased its stake in Tapestry by 14.7% in the second quarter. Tidal Investments LLC now owns 67,741 shares of the luxury accessories retailer's stock valued at $9,916,000 after acquiring an additional 8,656 shares during the period. Raiffeisen Bank International AG boosted its holdings in Tapestry by 13,153.1% during the second quarter. Raiffeisen Bank International AG now owns 23,193 shares of the luxury accessories retailer's stock valued at $3,399,000 after purchasing an additional 23,018 shares in the last quarter. SEB Asset Management AB acquired a new stake in Tapestry during the first quarter valued at approximately $59,525,000. Finally, BlackRock Inc. bought a new stake in shares of Tapestry in the 2nd quarter valued at approximately $2,610,995,000. Institutional investors own 90.77% of the company's stock.

Tapestry Price Performance

Shares of TPR stock opened at $136.22 on Tuesday. Tapestry, Inc. has a 52 week low of $99.00 and a 52 week high of $164.80. The stock has a market capitalization of $27.16 billion, a PE ratio of 17.53, a PEG ratio of 1.58 and a beta of 1.44. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The stock's fifty day moving average is $117.62 and its 200-day moving average is $136.97.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.56 by $0.26. The business had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.85 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.38 earnings per share. Equities research analysts expect that Tapestry, Inc. will post 8.29 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Friday, December 4th will be given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, December 4th. Tapestry's dividend payout ratio is presently 23.81%.

Insider Buying and Selling

In related news, insider Denise Kulikowsky sold 5,810 shares of the business's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total value of $670,357.80. Following the completion of the transaction, the insider owned 21,136 shares in the company, valued at $2,438,671.68. The trade was a 21.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total value of $3,677,499.67. Following the transaction, the chief executive officer directly owned 666,149 shares in the company, valued at approximately $88,244,758.03. This represents a 4.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.28% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Telsey Advisory Group increased their target price on Tapestry from $160.00 to $175.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Evercore reduced their target price on shares of Tapestry from $175.00 to $160.00 and set an "outperform" rating on the stock in a research note on Friday, August 14th. Raymond James Financial reduced their target price on shares of Tapestry from $165.00 to $140.00 and set an "outperform" rating on the stock in a research note on Friday, October 16th. BTIG Research lowered their target price on shares of Tapestry from $180.00 to $175.00 and set a "buy" rating on the stock in a report on Friday, August 14th. Finally, TD Cowen assumed coverage on shares of Tapestry in a research report on Friday, October 30th. They set a "strong-buy" rating for the company. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $167.72.

Tapestry Company Profile

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