Adage Capital Partners GP L.L.C. Has $26 Million Stock Position in Tapestry, Inc. (NYSE:TPR)

Adage Capital Partners GP L.L.C. cut its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 11.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 397,900 shares of the luxury accessories retailer's stock after selling 51,931 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.19% of Tapestry worth $25,995,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Coppell Advisory Solutions LLC raised its holdings in Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after buying an additional 150 shares during the period. Checchi Capital Advisers LLC raised its holdings in shares of Tapestry by 1.9% during the fourth quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer's stock valued at $580,000 after acquiring an additional 163 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in Tapestry by 0.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer's stock worth $1,261,000 after purchasing an additional 170 shares during the period. Parkside Financial Bank & Trust grew its position in Tapestry by 13.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer's stock worth $104,000 after purchasing an additional 182 shares in the last quarter. Finally, E Fund Management Co. Ltd. grew its position in Tapestry by 1.6% during the 4th quarter. E Fund Management Co. Ltd. now owns 12,744 shares of the luxury accessories retailer's stock worth $833,000 after purchasing an additional 200 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tapestry

In other news, CEO Todd Kahn sold 21,107 shares of the firm's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the completion of the transaction, the chief executive officer now directly owns 176,985 shares of the company's stock, valued at approximately $14,866,740. This trade represents a 10.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the sale, the chief financial officer now owns 146,587 shares in the company, valued at approximately $12,688,570.72. This trade represents a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,537 shares of company stock valued at $5,730,589 in the last quarter. Corporate insiders own 1.18% of the company's stock.

Analyst Ratings Changes

TPR has been the subject of several recent analyst reports. Guggenheim raised their target price on Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Wells Fargo & Company raised their price objective on Tapestry from $75.00 to $90.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Citigroup dropped their target price on Tapestry from $95.00 to $81.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Barclays decreased their price target on shares of Tapestry from $100.00 to $83.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Finally, UBS Group upped their price objective on shares of Tapestry from $70.00 to $80.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Tapestry has a consensus rating of "Moderate Buy" and a consensus price target of $78.26.

Tapestry Stock Performance

Shares of NYSE TPR traded up $0.72 during trading hours on Tuesday, hitting $69.98. 3,029,773 shares of the stock were exchanged, compared to its average volume of 4,169,134. The firm has a market capitalization of $14.49 billion, a P/E ratio of 20.28, a P/E/G ratio of 2.01 and a beta of 1.37. The company's 50 day moving average is $71.75 and its 200 day moving average is $66.31. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. 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 - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping 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 period in the prior year, the business earned $1.63 EPS. On average, research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were paid a dividend of $0.35 per share. The ex-dividend date was Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 2.00%. Tapestry's dividend payout ratio is 40.58%.

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.