Public Employees Retirement Association of Colorado purchased a new stake in Tapestry Inc (NYSE:TPR) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 53,645 shares of the luxury accessories retailer’s stock, valued at approximately $2,373,000.
Other large investors have also modified their holdings of the company. Oak Point Wealth Management acquired a new stake in shares of Tapestry in the fourth quarter valued at about $469,000. Point View Wealth Management Inc. acquired a new stake in Tapestry during the third quarter worth about $552,000. Sheets Smith Wealth Management acquired a new stake in Tapestry during the fourth quarter worth about $760,000. Public Employees Retirement System of Ohio acquired a new stake in Tapestry during the third quarter worth about $4,916,000. Finally, CWM LLC acquired a new stake in Tapestry during the fourth quarter worth about $5,978,000. 87.97% of the stock is currently owned by institutional investors.
In other news, CAO Todd Kahn sold 4,357 shares of Tapestry stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $49.13, for a total value of $214,059.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Victor Luis sold 123,780 shares of Tapestry stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $50.02, for a total transaction of $6,191,475.60. The disclosure for this sale can be found here. Insiders sold 134,366 shares of company stock valued at $6,705,960 in the last quarter. 0.98% of the stock is currently owned by corporate insiders.
Tapestry (NYSE:TPR) last posted its earnings results on Tuesday, February 6th. The luxury accessories retailer reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.21. Tapestry had a net margin of 6.14% and a return on equity of 23.68%. The company had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the company posted $0.75 earnings per share. Tapestry’s quarterly revenue was up 35.1% compared to the same quarter last year. sell-side analysts forecast that Tapestry Inc will post 2.56 EPS for the current fiscal year.
A number of research firms recently weighed in on TPR. Canaccord Genuity set a $58.00 target price on Tapestry and gave the stock a “buy” rating in a research report on Sunday, January 7th. Buckingham Research lifted their target price on Tapestry from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Citigroup began coverage on Tapestry in a research report on Thursday, November 2nd. They set a “positive” rating and a $50.00 target price on the stock. BMO Capital Markets lifted their target price on Tapestry from $42.00 to $46.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 7th. Finally, Cowen reissued a “buy” rating and set a $54.00 target price on shares of Tapestry in a research report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $50.23.
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Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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