Mitsubishi UFJ Trust & Banking Corp Trims Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Mitsubishi UFJ Trust & Banking Corp lessened its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 66.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 29,717 shares of the luxury accessories retailer's stock after selling 59,225 shares during the period. Mitsubishi UFJ Trust & Banking Corp's holdings in Tapestry were worth $1,941,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. The Manufacturers Life Insurance Company grew its stake in shares of Tapestry by 0.4% during the third quarter. The Manufacturers Life Insurance Company now owns 182,432 shares of the luxury accessories retailer's stock valued at $8,571,000 after buying an additional 711 shares during the last quarter. Townsquare Capital LLC grew its position in Tapestry by 15.8% in the 3rd quarter. Townsquare Capital LLC now owns 11,162 shares of the luxury accessories retailer's stock valued at $524,000 after acquiring an additional 1,526 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in Tapestry by 206.0% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,847 shares of the luxury accessories retailer's stock valued at $228,000 after acquiring an additional 3,263 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Tapestry by 8.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,414,618 shares of the luxury accessories retailer's stock worth $66,459,000 after purchasing an additional 115,340 shares during the period. Finally, Public Sector Pension Investment Board boosted its stake in shares of Tapestry by 3.1% during the third quarter. Public Sector Pension Investment Board now owns 40,119 shares of the luxury accessories retailer's stock valued at $1,885,000 after purchasing an additional 1,200 shares during the period. 90.77% of the stock is currently owned by institutional investors.

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Tapestry Stock Performance

Tapestry stock traded down $2.32 during mid-day trading on Friday, hitting $62.78. The company had a trading volume of 11,787,236 shares, compared to its average volume of 4,058,995. The company has a market capitalization of $13.00 billion, a price-to-earnings ratio of 18.20, a P/E/G ratio of 2.01 and a beta of 1.57. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company's fifty day moving average is $77.22 and its 200-day moving average is $64.02. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating analysts' consensus estimates 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 firm posted $1.63 EPS. Equities research analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The business also recently declared 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 of this dividend was Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.23%. Tapestry's dividend payout ratio (DPR) is presently 40.58%.

Insider Buying and Selling

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the business's stock in a transaction 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 transaction, the general counsel now owns 38,609 shares of the company's stock, valued at approximately $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the firm's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the completion of the sale, the chief financial officer now directly owns 146,587 shares of the company's stock, valued at $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. In the last three months, insiders have sold 66,537 shares of company stock worth $5,730,589. Insiders own 1.18% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on TPR shares. Jefferies Financial Group raised their price target on shares of Tapestry from $80.00 to $83.00 and gave the stock a "buy" rating in a research note on Tuesday, January 28th. Morgan Stanley reiterated an "equal weight" rating and issued a $65.00 price target on shares of Tapestry in a report on Tuesday, January 21st. Evercore ISI raised their price objective on Tapestry from $68.00 to $74.00 and gave the stock an "outperform" rating in a report on Monday, January 27th. Barclays upped their target price on Tapestry from $87.00 to $100.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. Finally, Redburn Atlantic raised Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price target on the stock in a research report on Tuesday, February 18th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, Tapestry presently has an average rating of "Moderate Buy" and an average target price of $78.53.

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.