Rhumbline Advisers Sells 5,546 Shares of Tapestry, Inc. (NYSE:TPR)

Rhumbline Advisers trimmed its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 1.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 397,535 shares of the luxury accessories retailer's stock after selling 5,546 shares during the quarter. Rhumbline Advisers owned approximately 0.17% of Tapestry worth $25,971,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of TPR. Victory Capital Management Inc. boosted its stake in shares of Tapestry by 7.5% during the 3rd quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer's stock worth $20,381,000 after acquiring an additional 30,121 shares during the period. Apollon Wealth Management LLC bought a new position in shares of Tapestry during the 4th quarter worth approximately $328,000. Assenagon Asset Management S.A. bought a new position in shares of Tapestry during the 3rd quarter worth approximately $5,446,000. Valley Wealth Managers Inc. boosted its stake in shares of Tapestry by 2.1% during the 3rd quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer's stock worth $19,971,000 after acquiring an additional 8,833 shares during the period. Finally, Decker Retirement Planning Inc. bought a new position in shares of Tapestry during the 4th quarter worth approximately $3,437,000. 90.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on TPR shares. StockNews.com downgraded Tapestry from a "buy" rating to a "hold" rating in a research note on Saturday, February 15th. Evercore ISI lifted their target price on Tapestry from $68.00 to $74.00 and gave the stock an "outperform" rating in a research note on Monday, January 27th. Barclays lifted their price target on Tapestry from $87.00 to $100.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. Citigroup lifted their price target on Tapestry from $49.00 to $55.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Finally, Wells Fargo & Company lifted their price target on Tapestry from $75.00 to $90.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $78.53.

Tapestry Price Performance

Shares of Tapestry stock traded down $1.89 during trading on Friday, reaching $84.63. 1,787,435 shares of the company's stock were exchanged, compared to its average volume of 5,048,230. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The company has a market cap of $17.52 billion, a P/E ratio of 24.51, a PEG ratio of 2.07 and a beta of 1.58. The firm's 50-day moving average price is $72.21 and its 200 day moving average price is $56.14.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping 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 company posted $1.63 earnings per share. As a group, research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.65%. Tapestry's dividend payout ratio (DPR) is currently 40.58%.

About Tapestry

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.