Fmr LLC Sells 2,572,604 Shares of Tapestry, Inc. (NYSE:TPR)

FMR LLC reduced its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 16.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,347,684 shares of the luxury accessories retailer's stock after selling 2,572,604 shares during the period. FMR LLC owned approximately 5.73% of Tapestry worth $872,004,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in TPR. Venturi Wealth Management LLC boosted its holdings in Tapestry by 78.0% in 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 period. UMB Bank n.a. boosted its stake in Tapestry by 72.9% during the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer's stock valued at $77,000 after buying an additional 496 shares during the period. Brown Brothers Harriman & Co. boosted its stake in Tapestry by 1,792.1% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer's stock valued at $78,000 after buying an additional 1,129 shares during the period. Atlas Capital Advisors Inc. grew its position in Tapestry by 527.2% during the fourth quarter. Atlas Capital Advisors Inc. now owns 1,267 shares of the luxury accessories retailer's stock worth $83,000 after buying an additional 1,065 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. bought a new position in Tapestry in the 4th quarter worth about $95,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

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Insider Buying and Selling at Tapestry

In related news, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of the transaction, the chief financial officer now directly owns 146,587 shares of the company's stock, valued at approximately $12,688,570.72. This represents a 14.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Kahn sold 7,786 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction 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. This trade represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,537 shares of company stock valued at $5,730,589. Company insiders own 1.18% of the company's stock.

Tapestry Stock Down 0.8 %

Shares of TPR traded down $0.52 during mid-day trading on Friday, reaching $63.40. The company had a trading volume of 5,317,849 shares, compared to its average volume of 4,158,686. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The company has a market capitalization of $13.13 billion, a price-to-earnings ratio of 18.38, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. The firm has a 50-day moving average price of $75.82 and a 200 day moving average price of $64.82. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (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 in the previous year, the company posted $1.63 EPS. On average, sell-side analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were given 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 2.21%. Tapestry's dividend payout ratio (DPR) is presently 40.58%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TPR shares. The Goldman Sachs Group upped their price objective on Tapestry from $72.00 to $98.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Redburn Atlantic upgraded Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price target on the stock in a report on Tuesday, February 18th. Guggenheim increased their price objective on Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a report on Friday, February 7th. StockNews.com cut Tapestry from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Finally, Morgan Stanley reaffirmed an "equal weight" rating and issued a $65.00 price target on shares of Tapestry in a research note on Tuesday, January 21st. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus target price of $77.63.

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.