3,267 Shares in Tapestry, Inc. (NYSE:TPR) Bought by Essex Financial Services Inc.

Essex Financial Services Inc. purchased a new stake in Tapestry, Inc. (NYSE:TPR) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,267 shares of the luxury accessories retailer’s stock, valued at approximately $213,000.

Other hedge funds also recently added to or reduced their stakes in the company. Erste Asset Management GmbH acquired a new stake in shares of Tapestry during the 3rd quarter worth approximately $64,016,000. WT Asset Management Ltd purchased a new stake in Tapestry during the fourth quarter worth $42,762,000. Bank of Montreal Can boosted its holdings in Tapestry by 76.6% during the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock worth $59,641,000 after buying an additional 539,793 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Tapestry by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after buying an additional 272,007 shares during the period. Finally, Westfield Capital Management Co. LP increased its holdings in Tapestry by 14.8% in the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after buying an additional 219,544 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

TPR stock opened at $86.61 on Friday. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $87.87. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 4.38. The firm has a market capitalization of $20.18 billion, a PE ratio of 25.10, a price-to-earnings-growth ratio of 2.30 and a beta of 1.58. The business has a 50 day simple moving average of $69.60 and a 200-day simple moving average of $54.46.

Tapestry (NYSE:TPR) last issued 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 return on equity of 44.00% and a net margin of 11.74%. During the same period in the previous year, the company posted $1.63 earnings per share. Equities research analysts anticipate that Tapestry, Inc. will post 4.7 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Telsey Advisory Group increased their target price on shares of Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. Robert W. Baird increased their price target on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Raymond James restated an “outperform” rating and issued a $88.00 price objective (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Wells Fargo & Company increased their target price on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Finally, Guggenheim boosted their price target on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $74.78.

Tapestry 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.