Assenagon Asset Management S.A. Acquires 372,336 Shares of Tapestry, Inc. (NYSE:TPR)

Assenagon Asset Management S.A. grew its holdings in Tapestry, Inc. (NYSE:TPR) by 163.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 600,381 shares of the luxury accessories retailer’s stock after acquiring an additional 372,336 shares during the quarter. Assenagon Asset Management S.A. owned 0.26% of Tapestry worth $22,100,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of TPR. Advisor Partners II LLC raised its stake in Tapestry by 3.0% in the first quarter. Advisor Partners II LLC now owns 8,043 shares of the luxury accessories retailer’s stock valued at $347,000 after purchasing an additional 237 shares in the last quarter. Raleigh Capital Management Inc. increased its stake in shares of Tapestry by 5.7% in the third quarter. Raleigh Capital Management Inc. now owns 5,463 shares of the luxury accessories retailer’s stock valued at $157,000 after buying an additional 297 shares during the period. Treasurer of the State of North Carolina increased its stake in shares of Tapestry by 0.3% in the third quarter. Treasurer of the State of North Carolina now owns 109,837 shares of the luxury accessories retailer’s stock valued at $3,158,000 after buying an additional 353 shares during the period. Sowell Financial Services LLC boosted its holdings in Tapestry by 2.1% in the third quarter. Sowell Financial Services LLC now owns 18,348 shares of the luxury accessories retailer’s stock valued at $527,000 after acquiring an additional 381 shares during the last quarter. Finally, Rockefeller Capital Management L.P. boosted its holdings in Tapestry by 25.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,940 shares of the luxury accessories retailer’s stock valued at $73,000 after acquiring an additional 399 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

TPR has been the topic of several analyst reports. TheStreet upgraded Tapestry from a “c+” rating to a “b-” rating in a report on Tuesday, December 26th. Evercore ISI upgraded Tapestry from an “in-line” rating to an “outperform” rating and upped their target price for the company from $30.00 to $50.00 in a report on Monday, February 5th. Wells Fargo & Company upped their target price on Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a report on Wednesday. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $38.00 target price on shares of Tapestry in a report on Tuesday, December 12th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.81.

Tapestry Stock Performance

Shares of TPR opened at $46.68 on Thursday. The company has a market cap of $10.71 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 0.93 and a beta of 1.57. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90. The stock has a 50-day moving average price of $44.15 and a 200-day moving average price of $35.96. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $48.80.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.17. The firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.05 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the company posted $1.36 EPS. As a group, equities analysts forecast that Tapestry, Inc. will post 4.25 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.00%. Tapestry’s dividend payout ratio is 35.35%.

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.