CIBC Asset Management Inc Sells 2,459 Shares of Tapestry, Inc. (NYSE:TPR)

CIBC Asset Management Inc trimmed its stake in Tapestry, Inc. (NYSE:TPRFree Report) by 7.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,690 shares of the luxury accessories retailer’s stock after selling 2,459 shares during the period. CIBC Asset Management Inc’s holdings in Tapestry were worth $1,130,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its stake in Tapestry by 3,778.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock valued at $46,000 after acquiring an additional 1,209 shares in the last quarter. AllSquare Wealth Management LLC boosted its position in shares of Tapestry by 35.1% in the 3rd quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock worth $47,000 after purchasing an additional 423 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in shares of Tapestry by 56.9% in the 3rd quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock worth $53,000 after purchasing an additional 668 shares in the last quarter. First Horizon Advisors Inc. grew its stake in Tapestry by 334.7% during the 4th quarter. First Horizon Advisors Inc. now owns 1,504 shares of the luxury accessories retailer’s stock worth $55,000 after buying an additional 1,158 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its position in Tapestry by 130.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,500 shares of the luxury accessories retailer’s stock valued at $55,000 after buying an additional 848 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $42.23, for a total value of $105,575.00. Following the transaction, the vice president now owns 37,173 shares in the company, valued at approximately $1,569,815.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.93% of the stock is owned by company insiders.

Analyst Ratings Changes

TPR has been the topic of a number of research analyst reports. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research note on Thursday, May 9th. StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, May 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. Jefferies Financial Group lowered Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research note on Thursday, February 29th. Finally, Bernstein Bank boosted their price target on Tapestry from $46.00 to $48.00 in a research note on Thursday, May 9th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Read Our Latest Stock Report on Tapestry

Tapestry Stock Down 0.4 %

Shares of TPR opened at $43.38 on Monday. The stock’s 50 day moving average is $41.68 and its two-hundred day moving average is $40.75. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The firm has a market cap of $9.97 billion, a P/E ratio of 11.48, a PEG ratio of 0.94 and a beta of 1.60. The company has a current ratio of 6.59, a quick ratio of 5.98 and a debt-to-equity ratio of 2.77.

Tapestry (NYSE:TPRGet Free Report) last posted its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.14. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the firm posted $0.78 earnings per share. The company’s revenue was down 2.0% compared to the same quarter last year. Analysts predict that Tapestry, Inc. will post 4.22 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 24th. Stockholders of record on Friday, June 7th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date is Friday, June 7th. Tapestry’s dividend payout ratio is presently 37.04%.

Tapestry Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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