Tapestry, Inc. (NYSE:TPR) Holdings Reduced by Park Avenue Securities LLC

Park Avenue Securities LLC reduced its stake in shares of Tapestry, Inc. (NYSE:TPR) by 38.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,863 shares of the luxury accessories retailer’s stock after selling 3,709 shares during the quarter. Park Avenue Securities LLC’s holdings in Tapestry were worth $413,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Wedmont Private Capital lifted its holdings in shares of Tapestry by 12.8% during the first quarter. Wedmont Private Capital now owns 4,243 shares of the luxury accessories retailer’s stock valued at $299,000 after purchasing an additional 480 shares during the last quarter. CMC Financial Group acquired a new position in Tapestry in the first quarter worth approximately $249,000. Reinhart Partners LLC. raised its holdings in shares of Tapestry by 36.8% during the 1st quarter. Reinhart Partners LLC. now owns 124,949 shares of the luxury accessories retailer’s stock valued at $8,798,000 after purchasing an additional 33,581 shares in the last quarter. Procyon Advisors LLC bought a new position in Tapestry during the first quarter valued at about $1,222,000. Finally, Magnus Financial Group LLC acquired a new stake in Tapestry in the 1st quarter worth approximately $206,000. 90.77% of the stock is currently owned by institutional investors.

Tapestry Trading Down 4.0%

TPR opened at $78.88 on Friday. The stock has a market capitalization of $16.38 billion, a P/E ratio of 22.86, a P/E/G ratio of 2.01 and a beta of 1.46. The firm’s fifty day simple moving average is $74.16 and its 200 day simple moving average is $72.69. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the prior year, the business posted $0.81 EPS. The company’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.77%. Tapestry’s dividend payout ratio is currently 36.84%.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president now owns 40,922 shares in the company, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the transaction, the chief executive officer now owns 116,062 shares in the company, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Redburn Atlantic raised Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective for the company in a research report on Tuesday, February 18th. Citigroup upped their target price on shares of Tapestry from $81.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Barclays upped their price target on Tapestry from $83.00 to $98.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. Wall Street Zen raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Tuesday, May 13th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $85.00 price target (up from $74.00) on shares of Tapestry in a report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.56.

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.