Commonwealth Equity Services LLC Cuts Stock Position in Tapestry, Inc. (NYSE:TPR)

Commonwealth Equity Services LLC decreased its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 5.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,306 shares of the luxury accessories retailer’s stock after selling 1,779 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Tapestry were worth $2,176,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of TPR. Venturi Wealth Management LLC increased its position in shares of Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after purchasing an additional 252 shares during the last quarter. Brooklyn Investment Group bought a new position in Tapestry during the third quarter valued at $47,000. Transamerica Financial Advisors Inc. increased its position in Tapestry by 159,100.0% during the third quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock valued at $75,000 after acquiring an additional 1,591 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Tapestry by 72.9% in the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after acquiring an additional 496 shares during the last quarter. Finally, True Wealth Design LLC bought a new stake in shares of Tapestry in the 3rd quarter worth about $83,000. Institutional investors own 90.77% of the company’s stock.

Tapestry Trading Down 1.2 %

Shares of NYSE TPR opened at $72.78 on Friday. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The business has a fifty day moving average price of $77.67 and a 200 day moving average price of $62.59. The stock has a market capitalization of $15.07 billion, a P/E ratio of 21.10, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter last year, the business earned $1.63 earnings per share. Equities research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.92%. The ex-dividend date was Thursday, March 6th. Tapestry’s dividend payout ratio is currently 40.58%.

Analysts Set New Price Targets

A number of analysts recently weighed in on TPR shares. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Guggenheim raised their price target on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. UBS Group boosted their price objective on Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Raymond James reiterated an “outperform” rating and set a $88.00 target price (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Finally, Wells Fargo & Company boosted their target price on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $78.53.

Insider Activity

In related news, CEO Todd Kahn sold 7,786 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the transaction, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at $17,652,100.29. This trade represents a 3.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the sale, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,537 shares of company stock worth $5,730,589. Insiders own 1.18% of the company’s stock.

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.