Envestnet Asset Management Inc. Decreases Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Envestnet Asset Management Inc. lowered its holdings in Tapestry, Inc. (NYSE:TPRFree Report) by 28.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 297,464 shares of the luxury accessories retailer’s stock after selling 117,620 shares during the quarter. Envestnet Asset Management Inc. owned 0.14% of Tapestry worth $20,944,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Concurrent Investment Advisors LLC acquired a new position in Tapestry during the 1st quarter worth $719,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Tapestry during the first quarter worth about $116,000. 44 Wealth Management LLC acquired a new position in Tapestry during the first quarter worth approximately $1,329,000. Private Trust Co. NA boosted its stake in Tapestry by 27.2% during the 1st quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 153 shares during the period. Finally, WCM Investment Management LLC purchased a new position in shares of Tapestry during the first quarter worth about $37,495,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the completion of the transaction, the vice president directly owned 40,922 shares of the company’s stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the sale, the chief executive officer directly owned 116,062 shares of the company’s stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on TPR shares. Cowen raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, June 12th. Wells Fargo & Company restated an “overweight” rating and set a $100.00 target price (up from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Telsey Advisory Group restated an “outperform” rating and issued a $92.00 price objective on shares of Tapestry in a research report on Friday, May 9th. Barclays restated an “overweight” rating and set a $105.00 target price (up previously from $98.00) on shares of Tapestry in a research report on Friday, July 11th. Finally, Argus increased their price objective on shares of Tapestry from $78.00 to $92.00 and gave the stock a “buy” rating in a report on Tuesday, June 17th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $89.17.

View Our Latest Research Report on Tapestry

Tapestry Price Performance

TPR stock opened at $100.68 on Thursday. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $102.25. The stock’s 50 day moving average is $84.74 and its two-hundred day moving average is $76.87. The company has a market capitalization of $20.91 billion, a PE ratio of 26.49, a P/E/G ratio of 2.10 and a beta of 1.47.

Tapestry (NYSE:TPRGet Free Report) last posted 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. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.81 EPS. Analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were paid a $0.35 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.39%. Tapestry’s payout ratio is 36.84%.

About Tapestry

(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.

See Also

Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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