Greenleaf Trust Sells 1,384 Shares of Tapestry, Inc. (NYSE:TPR)

Greenleaf Trust cut its position in shares of Tapestry, Inc. (NYSE:TPR) by 19.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,735 shares of the luxury accessories retailer’s stock after selling 1,384 shares during the period. Greenleaf Trust’s holdings in Tapestry were worth $211,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. AE Wealth Management LLC boosted its stake in Tapestry by 32.8% in the third quarter. AE Wealth Management LLC now owns 49,596 shares of the luxury accessories retailer’s stock worth $1,426,000 after purchasing an additional 12,250 shares in the last quarter. Exchange Traded Concepts LLC acquired a new stake in shares of Tapestry during the third quarter worth about $118,000. Secure Asset Management LLC bought a new position in shares of Tapestry during the third quarter worth about $814,000. Oak Thistle LLC bought a new position in shares of Tapestry during the third quarter worth about $510,000. Finally, Czech National Bank grew its holdings in shares of Tapestry by 47.6% during the third quarter. Czech National Bank now owns 40,514 shares of the luxury accessories retailer’s stock worth $1,165,000 after buying an additional 13,073 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. OTR Global reiterated a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Raymond James increased their price objective on Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, January 30th. Jefferies Financial Group downgraded Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a report on Thursday, February 29th. The Goldman Sachs Group raised their price target on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Finally, StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $47.81.

Tapestry Price Performance

Shares of NYSE TPR opened at $39.39 on Friday. The stock has a market capitalization of $9.03 billion, a PE ratio of 9.95, a P/E/G ratio of 0.81 and a beta of 1.57. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68. The business has a fifty day moving average price of $45.16 and a two-hundred day moving average price of $37.84. Tapestry, Inc. has a fifty-two week low of $25.99 and a fifty-two week high of $48.80.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter in the previous year, the firm earned $1.36 EPS. Tapestry’s revenue was up 2.5% on a year-over-year basis. As a group, equities analysts predict that Tapestry, Inc. will post 4.23 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were given a dividend of $0.35 per share. The ex-dividend date was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a yield of 3.55%. Tapestry’s dividend payout ratio is currently 35.35%.

Tapestry 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.