Tapestry, Inc. (NYSE:TPR) is Wilsey Asset Management Inc.’s Largest Position

Wilsey Asset Management Inc. lowered its stake in shares of Tapestry, Inc. (NYSE:TPR) by 0.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 751,008 shares of the luxury accessories retailer’s stock after selling 4,381 shares during the period. Tapestry comprises approximately 9.1% of Wilsey Asset Management Inc.’s holdings, making the stock its biggest holding. Wilsey Asset Management Inc.’s holdings in Tapestry were worth $49,063,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Erste Asset Management GmbH acquired a new stake in shares of Tapestry during the 3rd quarter worth $64,016,000. WT Asset Management Ltd acquired a new stake in Tapestry during the fourth quarter worth about $42,762,000. Bank of Montreal Can raised its holdings in shares of Tapestry by 76.6% in the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock worth $59,641,000 after purchasing an additional 539,793 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Tapestry by 3.7% in the 3rd 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 purchasing an additional 272,007 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its holdings in shares of Tapestry by 14.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after purchasing an additional 219,544 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on TPR shares. Citigroup boosted their price objective on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. TD Cowen downgraded Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a report on Tuesday, October 29th. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Friday. Guggenheim increased their target price on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday. Finally, Raymond James reissued an “outperform” rating and set a $88.00 price target (up from $79.00) on shares of Tapestry in a research report on Friday. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $73.17.

Tapestry Stock Performance

Shares of Tapestry stock opened at $80.28 on Monday. The firm has a market cap of $18.71 billion, a PE ratio of 23.27, a price-to-earnings-growth ratio of 2.30 and a beta of 1.58. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $87.87. The firm’s 50-day simple moving average is $68.08 and its 200-day simple moving average is $53.45. The company has a debt-to-equity ratio of 1.78, a quick ratio of 4.38 and a current ratio of 1.58.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the firm posted $1.63 EPS. Equities analysts forecast that Tapestry, Inc. will post 4.7 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio is presently 40.58%.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the sale, the vice president now directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.18% of the stock is owned by insiders.

About Tapestry

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.