PNC Financial Services Group Inc. Acquires 1,560 Shares of Tapestry, Inc. (NYSE:TPR)

PNC Financial Services Group Inc. boosted its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 3.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 52,949 shares of the luxury accessories retailer’s stock after buying an additional 1,560 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tapestry were worth $3,459,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in TPR. Erste Asset Management GmbH bought a new stake in Tapestry during the third quarter valued at approximately $64,016,000. WT Asset Management Ltd bought a new stake in Tapestry during the fourth quarter valued at approximately $42,762,000. Raymond James Financial Inc. bought a new stake in Tapestry during the fourth quarter valued at approximately $38,180,000. Bank of Montreal Can grew its position 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 valued at $59,641,000 after buying an additional 539,793 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Tapestry by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after buying an additional 382,856 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Tapestry Price Performance

Shares of NYSE TPR opened at $69.61 on Friday. The firm has a market cap of $14.41 billion, a PE ratio of 20.18, a PEG ratio of 2.01 and a beta of 1.57. The firm has a fifty day moving average of $76.57 and a 200 day moving average of $60.30. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter last year, the business earned $1.63 earnings per share. As a group, research analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s payout ratio is 40.58%.

Insider Transactions at Tapestry

In related news, CFO Scott A. Roe sold 25,727 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the completion of the sale, the chief financial officer now owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. This represents a 14.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Todd Kahn sold 21,107 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the completion of the sale, the chief executive officer now directly owns 176,985 shares of the company’s stock, valued at $14,866,740. This represents a 10.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,537 shares of company stock valued at $5,730,589 over the last 90 days. 1.18% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on TPR shares. Barclays upped their price target on shares of Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Telsey Advisory Group upped their price target on shares of Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. UBS Group upped their price target on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. The Goldman Sachs Group upped their target price on shares of Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Finally, Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price for the company in a research report on Tuesday, February 18th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

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.