Sumitomo Mitsui Trust Group Inc. Has $550,000 Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Tapestry, Inc. (NYSE:TPR) by 8.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,423 shares of the luxury accessories retailer’s stock after purchasing an additional 644 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Tapestry were worth $550,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of TPR. Exchange Traded Concepts LLC raised its stake in Tapestry by 102.7% in the third quarter. Exchange Traded Concepts LLC now owns 17,680 shares of the luxury accessories retailer’s stock valued at $831,000 after buying an additional 8,958 shares during the period. Vontobel Holding Ltd. raised its stake in Tapestry by 4.4% in the third quarter. Vontobel Holding Ltd. now owns 18,646 shares of the luxury accessories retailer’s stock valued at $876,000 after buying an additional 789 shares during the period. Bleakley Financial Group LLC bought a new stake in Tapestry in the third quarter valued at approximately $220,000. Secure Asset Management LLC raised its stake in Tapestry by 20.5% in the third quarter. Secure Asset Management LLC now owns 36,892 shares of the luxury accessories retailer’s stock valued at $1,733,000 after buying an additional 6,282 shares during the period. Finally, V Square Quantitative Management LLC raised its stake in Tapestry by 6.2% in the third quarter. V Square Quantitative Management LLC now owns 6,142 shares of the luxury accessories retailer’s stock valued at $289,000 after buying an additional 357 shares during the period. Institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TPR. Bank of America increased their target price on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. The Goldman Sachs Group increased their target price on Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Raymond James reiterated an “outperform” rating and set a $88.00 target price (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. BMO Capital Markets raised their price objective on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, November 18th. Finally, Jefferies Financial Group raised their price objective on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.78.

Tapestry Stock Performance

Shares of Tapestry stock opened at $87.68 on Friday. Tapestry, Inc. has a one year low of $35.23 and a one year high of $88.07. The firm has a market capitalization of $18.15 billion, a price-to-earnings ratio of 25.41, a PEG ratio of 2.30 and a beta of 1.58. The business has a 50-day simple moving average of $70.11 and a 200 day simple moving average of $54.79. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 4.38.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating 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 company posted $1.63 earnings per share. On average, research analysts anticipate that Tapestry, Inc. will post 4.7 earnings per share 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 paid a $0.35 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.60%. Tapestry’s payout ratio is presently 40.58%.

Tapestry Company 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.