Prudential Financial Inc. Trims Holdings in Tapestry, Inc. (NYSE:TPR)

Prudential Financial Inc. lessened its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 27.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 127,282 shares of the luxury accessories retailer's stock after selling 47,494 shares during the quarter. Prudential Financial Inc. owned approximately 0.05% of Tapestry worth $8,315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Venturi Wealth Management LLC lifted 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 buying an additional 252 shares in the last quarter. Brooklyn Investment Group purchased a new position in Tapestry during the third quarter valued at approximately $47,000. UMB Bank n.a. increased its stake in shares of Tapestry by 72.9% in the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer's stock worth $77,000 after purchasing an additional 496 shares in the last quarter. True Wealth Design LLC purchased a new position in shares of Tapestry during the 3rd quarter valued at $83,000. Finally, First Horizon Advisors Inc. lifted its position in shares of Tapestry by 21.9% in the fourth quarter. First Horizon Advisors Inc. now owns 1,598 shares of the luxury accessories retailer's stock valued at $104,000 after acquiring an additional 287 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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Tapestry Trading Down 14.7 %

TPR stock traded down $10.95 during midday trading on Thursday, hitting $63.79. 3,718,018 shares of the company's stock were exchanged, compared to its average volume of 4,001,502. The business has a 50-day simple moving average of $77.63 and a two-hundred day simple moving average of $63.59. 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 $13.21 billion, a PE ratio of 18.49, a P/E/G ratio of 2.01 and a beta of 1.57. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year 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, 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 last year, the business posted $1.63 EPS. On average, sell-side analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were issued 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 2.19%. Tapestry's payout ratio is 40.58%.

Insider Buying and Selling at Tapestry

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the firm's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the transaction, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd Kahn sold 21,107 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have commented on TPR. Telsey Advisory Group boosted their price target on shares of Tapestry from $74.00 to $83.00 and gave the stock an "outperform" rating in a research note on Monday, February 3rd. UBS Group increased their price target on Tapestry from $70.00 to $80.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. StockNews.com raised Tapestry from a "hold" rating to a "buy" rating in a report on Monday. Redburn Atlantic raised shares of Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 target price for the company in a report on Tuesday, February 18th. Finally, Barclays increased their price objective on shares of Tapestry from $87.00 to $100.00 and gave the company an "overweight" rating in a research report on Friday, February 7th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Tapestry presently has an average rating of "Moderate Buy" and an average target price of $78.53.

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.