Tapestry, Inc. (NYSE:TPR) Position Trimmed by SWS Partners

SWS Partners cut its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 49.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,078 shares of the luxury accessories retailer's stock after selling 32,695 shares during the period. SWS Partners' holdings in Tapestry were worth $2,226,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Venturi Wealth Management LLC grew its stake in 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 purchasing an additional 252 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Tapestry during the 3rd quarter valued at approximately $47,000. UMB Bank n.a. grew its position in shares of Tapestry by 72.9% during the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer's stock worth $77,000 after buying an additional 496 shares in the last quarter. Deseret Mutual Benefit Administrators grew its position in shares of Tapestry by 68.2% during the third quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer's stock worth $70,000 after buying an additional 605 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its stake in shares of Tapestry by 13.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer's stock worth $104,000 after buying an additional 182 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

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Insider Buying and Selling at Tapestry

In related news, CEO Todd Kahn sold 21,107 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the completion of the transaction, the chief executive officer now owns 176,985 shares in the company, valued at $14,866,740. This trade represents a 10.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the sale, the chief financial officer now directly owns 146,587 shares of the company's stock, valued at $12,688,570.72. This represents a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is owned by corporate insiders.

Tapestry Stock Performance

Shares of NYSE TPR traded down $2.72 during midday trading on Friday, hitting $75.00. 7,520,384 shares of the company's stock were exchanged, compared to its average volume of 5,197,207. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The firm has a market cap of $15.53 billion, a P/E ratio of 21.74, a PEG ratio of 2.01 and a beta of 1.58. The stock's 50 day moving average price is $76.04 and its 200-day moving average price is $59.29. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly 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 period in the previous year, the business earned $1.63 earnings per share. Equities research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be given a $0.35 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.87%. Tapestry's dividend payout ratio (DPR) is 40.58%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TPR. Guggenheim raised their price objective on shares of Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Robert W. Baird lifted their price target on Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Evercore ISI upped their price objective on Tapestry from $68.00 to $74.00 and gave the company an "outperform" rating in a research note on Monday, January 27th. Raymond James reaffirmed an "outperform" rating and set a $88.00 target price (up previously from $79.00) on shares of Tapestry in a report on Friday, February 7th. Finally, Wells Fargo & Company boosted their price target on Tapestry from $75.00 to $90.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target 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.