Chevy Chase Trust Holdings LLC Decreases Stock Position in Tapestry, Inc. (NYSE:TPR)

Chevy Chase Trust Holdings LLC decreased its position in Tapestry, Inc. (NYSE:TPR) by 1.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 125,497 shares of the luxury accessories retailer’s stock after selling 1,560 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of Tapestry worth $5,370,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TPR. International Assets Investment Management LLC increased its stake in Tapestry by 3,326.2% during the 4th quarter. International Assets Investment Management LLC now owns 111,350 shares of the luxury accessories retailer’s stock worth $4,099,000 after buying an additional 108,100 shares during the period. Louisiana State Employees Retirement System acquired a new position in shares of Tapestry in the fourth quarter worth about $512,000. Mackenzie Financial Corp lifted its stake in shares of Tapestry by 25.9% in the fourth quarter. Mackenzie Financial Corp now owns 18,132 shares of the luxury accessories retailer’s stock worth $667,000 after acquiring an additional 3,735 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Tapestry by 11.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 50,148 shares of the luxury accessories retailer’s stock valued at $1,846,000 after purchasing an additional 5,292 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in Tapestry by 12.2% during the 4th quarter. Daiwa Securities Group Inc. now owns 6,141 shares of the luxury accessories retailer’s stock valued at $226,000 after purchasing an additional 670 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 37,173 shares in the company, valued at $1,569,815.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.93% of the company’s stock.

Tapestry Stock Up 1.9 %

Shares of Tapestry stock opened at $41.15 on Thursday. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80. The business’s fifty day moving average price is $40.66 and its two-hundred day moving average price is $42.58. The company has a market capitalization of $9.46 billion, a P/E ratio of 10.89, a PEG ratio of 0.79 and a beta of 1.59.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period last year, the company earned $0.95 earnings per share. As a group, research analysts forecast that Tapestry, Inc. will post 4.24 EPS for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend is Friday, September 6th. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Analysts Set New Price Targets

A number of analysts recently issued reports on TPR shares. StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th. Robert W. Baird cut their target price on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, May 10th. Wells Fargo & Company reduced their price target on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. UBS Group cut their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Finally, Argus reiterated a “buy” rating and issued a $52.00 target price on shares of Tapestry in a research report on Tuesday, June 18th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $47.00.

About Tapestry

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.