Principal Financial Group Inc. Grows Stock Position in Tapestry, Inc. (NYSE:TPR)

Principal Financial Group Inc. boosted its position in Tapestry, Inc. (NYSE:TPR) by 14.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 309,119 shares of the luxury accessories retailer’s stock after buying an additional 39,298 shares during the period. Principal Financial Group Inc. owned approximately 0.13% of Tapestry worth $20,195,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Brooklyn Investment Group purchased a new stake in shares of Tapestry in the third quarter valued at about $47,000. Deseret Mutual Benefit Administrators lifted its position in Tapestry by 68.2% in the third quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after purchasing an additional 605 shares during the period. Transamerica Financial Advisors Inc. boosted its holdings in Tapestry by 159,100.0% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock valued at $75,000 after purchasing an additional 1,591 shares in the last quarter. UMB Bank n.a. grew its holdings in Tapestry by 72.9% during the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after acquiring an additional 496 shares during the period. Finally, True Wealth Design LLC acquired a new position in shares of Tapestry during the 3rd quarter worth $83,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Tapestry

In other news, CEO Todd Kahn sold 7,786 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the sale, the chief executive officer now directly owns 201,531 shares in the company, valued at $17,652,100.29. This represents a 3.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction on 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 transaction, the chief financial officer now owns 146,587 shares in the company, valued at $12,688,570.72. The trade was a 14.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,430 shares of company stock worth $3,957,601 in the last 90 days. 1.18% of the stock is owned by company insiders.

Tapestry Stock Performance

Shares of TPR opened at $84.29 on Tuesday. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. The company’s 50 day simple moving average is $73.04 and its 200 day simple moving average is $57.08. The company has a market capitalization of $17.45 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 2.01 and a beta of 1.58. 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 (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share 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 last year, the firm posted $1.63 EPS. On average, sell-side analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is 40.58%.

Analyst Upgrades and Downgrades

TPR has been the topic of a number of research analyst reports. Telsey Advisory Group boosted their price objective on shares of Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. BMO Capital Markets boosted their price target on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, November 18th. Redburn Atlantic upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price target on the stock in a report on Tuesday, February 18th. Wells Fargo & Company lifted their price objective on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Finally, Robert W. Baird upped their target price on Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $78.53.

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.