Envestnet Asset Management Inc. Sells 40,367 Shares of Tapestry, Inc. (NYSE:TPR)

Envestnet Asset Management Inc. lowered its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 8.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 415,084 shares of the luxury accessories retailer's stock after selling 40,367 shares during the period. Envestnet Asset Management Inc. owned about 0.18% of Tapestry worth $27,117,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its position in shares of Tapestry by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock valued at $522,471,000 after purchasing an additional 382,856 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Tapestry by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock valued at $376,247,000 after buying an additional 176,717 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Tapestry by 15.2% during the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock valued at $270,304,000 after acquiring an additional 546,497 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in shares of Tapestry by 16.4% during the 4th quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer's stock worth $138,596,000 after acquiring an additional 298,409 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Tapestry in the 4th quarter worth $114,199,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TPR has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their price target on Tapestry from $72.00 to $98.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Redburn Atlantic upgraded shares of Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price target for the company in a research report on Tuesday, February 18th. Telsey Advisory Group boosted their target price on shares of Tapestry from $74.00 to $83.00 and gave the company an "outperform" rating in a research note on Monday, February 3rd. Guggenheim lifted their price target on Tapestry from $70.00 to $90.00 and gave the company a "buy" rating in a report on Friday, February 7th. Finally, StockNews.com lowered Tapestry from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. 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, the company has an average rating of "Moderate Buy" and a consensus price target of $79.00.

Tapestry Price Performance

Shares of TPR traded up $0.66 during mid-day trading on Friday, hitting $63.53. 4,165,660 shares of the company traded hands, compared to its average volume of 4,172,814. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The stock has a market capitalization of $13.15 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 2.01 and a beta of 1.37. The business has a 50-day moving average of $74.60 and a 200 day moving average of $65.02. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85.

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 for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same quarter in the previous year, the company posted $1.63 earnings per share. As a group, equities 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, March 24th. Investors of record on Thursday, March 6th were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.20%. Tapestry's dividend payout ratio is 40.58%.

Insider Buying and Selling

In related news, General Counsel David E. Howard sold 11,917 shares of the company's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now owns 38,609 shares in the company, valued at $3,397,592. This represents a 23.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Kahn sold 7,786 shares of the business's stock in a transaction dated 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 approximately $17,652,100.29. The trade was a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock valued at $5,730,589 in the last 90 days. 1.18% of the stock is owned by insiders.

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.