Tapestry, Inc. (NYSE:TPR) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia reduced its position in Tapestry, Inc. (NYSE:TPRGet Rating) by 56.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 207,427 shares of the luxury accessories retailer’s stock after selling 271,784 shares during the period. Bank of Nova Scotia owned about 0.08% of Tapestry worth $6,330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. American Century Companies Inc. raised its position in Tapestry by 23.6% during the first quarter. American Century Companies Inc. now owns 4,815,492 shares of the luxury accessories retailer’s stock worth $178,896,000 after acquiring an additional 920,425 shares during the period. Lazard Asset Management LLC raised its position in Tapestry by 36.8% during the first quarter. Lazard Asset Management LLC now owns 3,266,189 shares of the luxury accessories retailer’s stock worth $121,338,000 after acquiring an additional 878,633 shares during the period. Vanguard Group Inc. raised its position in Tapestry by 2.4% during the first quarter. Vanguard Group Inc. now owns 32,654,335 shares of the luxury accessories retailer’s stock worth $1,213,109,000 after acquiring an additional 751,210 shares during the period. Dana Investment Advisors Inc. acquired a new position in Tapestry during the first quarter worth $20,014,000. Finally, Todd Asset Management LLC raised its position in Tapestry by 60.6% during the second quarter. Todd Asset Management LLC now owns 1,314,475 shares of the luxury accessories retailer’s stock worth $40,117,000 after acquiring an additional 495,914 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on TPR shares. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a report on Friday. The Goldman Sachs Group dropped their target price on shares of Tapestry from $39.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, July 21st. Evercore ISI upped their target price on shares of Tapestry to $55.00 in a report on Monday, August 22nd. Barclays upped their target price on shares of Tapestry from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday, August 22nd. Finally, TheStreet raised shares of Tapestry from a “c+” rating to a “b-” rating in a report on Monday, September 26th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $45.33.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 5,602 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $36.85, for a total transaction of $206,433.70. Following the sale, the vice president now owns 35,686 shares of the company’s stock, valued at $1,315,029.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Thomas A. Glaser sold 39,503 shares of the stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $35.38, for a total transaction of $1,397,616.14. Following the sale, the insider now owns 243,321 shares of the company’s stock, valued at $8,608,696.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Manesh Dadlani sold 5,602 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $36.85, for a total transaction of $206,433.70. Following the sale, the vice president now directly owns 35,686 shares in the company, valued at approximately $1,315,029.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,110 shares of company stock valued at $1,677,854. 0.81% of the stock is currently owned by corporate insiders.

Tapestry Trading Down 3.2 %

Shares of TPR stock opened at $34.25 on Tuesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.75 and a quick ratio of 1.08. The firm has a market cap of $8.29 billion, a PE ratio of 10.87, a price-to-earnings-growth ratio of 0.74 and a beta of 1.36. The company has a 50-day moving average of $31.79 and a two-hundred day moving average of $32.62. Tapestry, Inc. has a 1-year low of $26.39 and a 1-year high of $47.05.

Tapestry (NYSE:TPRGet Rating) last announced its earnings results on Thursday, August 18th. The luxury accessories retailer reported $0.78 earnings per share for the quarter, hitting the consensus estimate of $0.78. The company had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.64 billion. Tapestry had a net margin of 12.29% and a return on equity of 34.72%. Tapestry’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.74 earnings per share. On average, analysts predict that Tapestry, Inc. will post 3.63 EPS for the current year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 26th. Shareholders of record on Friday, September 9th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Thursday, September 8th. This is a positive change from Tapestry’s previous quarterly dividend of $0.25. Tapestry’s dividend payout ratio (DPR) is 38.10%.

Tapestry Company Profile

(Get Rating)

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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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