Allspring Global Investments Holdings LLC Trims Position in Tapestry, Inc. (NYSE:TPR)

Allspring Global Investments Holdings LLC lowered its position in Tapestry, Inc. (NYSE:TPR) by 10.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 9,618 shares of the luxury accessories retailer’s stock after selling 1,112 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Tapestry were worth $701,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Coppell Advisory Solutions LLC boosted its stake in Tapestry by 40.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after purchasing an additional 150 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in Tapestry by 25.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer’s stock valued at $68,000 after purchasing an additional 194 shares during the period. Ossiam lifted its holdings in shares of Tapestry by 1.4% in the fourth quarter. Ossiam now owns 22,103 shares of the luxury accessories retailer’s stock valued at $1,444,000 after purchasing an additional 296 shares in the last quarter. Wedbush Securities Inc. boosted its position in shares of Tapestry by 4.0% in the fourth quarter. Wedbush Securities Inc. now owns 8,077 shares of the luxury accessories retailer’s stock worth $528,000 after buying an additional 309 shares during the period. Finally, Greenline Partners LLC purchased a new position in shares of Tapestry during the fourth quarter valued at $29,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Transactions at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the firm’s 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 sale, the vice president owned 40,922 shares of the company’s stock, valued at $3,350,693.36. This trade represents a 3.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction that occurred 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 directly owned 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 owned by corporate insiders.

Tapestry Stock Performance

Shares of NYSE TPR opened at $95.14 on Thursday. The business’s 50-day simple moving average is $82.02 and its 200-day simple moving average is $75.68. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $95.60. The firm has a market cap of $19.76 billion, a price-to-earnings ratio of 25.04, a P/E/G ratio of 1.91 and a beta of 1.47.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the company posted $0.81 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date was Friday, June 6th. Tapestry’s dividend payout ratio (DPR) is 36.84%.

Analysts Set New Price Targets

Several brokerages recently issued reports on TPR. Argus increased their price objective on Tapestry from $78.00 to $92.00 and gave the stock a “buy” rating in a research note on Tuesday, June 17th. Raymond James Financial restated an “outperform” rating and set a $85.00 price target (up from $74.00) on shares of Tapestry in a report on Friday, May 9th. TD Cowen raised shares of Tapestry from a “hold” rating to a “buy” rating and set a $100.00 price objective on the stock in a research report on Thursday, June 12th. Cowen upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, June 12th. Finally, Telsey Advisory Group restated an “outperform” rating and set a $92.00 price target on shares of Tapestry in a report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $88.78.

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.