Tapestry, Inc. (NYSE:TPR) Shares Sold by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co cut its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 38.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 104,328 shares of the luxury accessories retailer's stock after selling 65,329 shares during the period. CANADA LIFE ASSURANCE Co's holdings in Tapestry were worth $6,814,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Apollon Wealth Management LLC purchased a new stake in shares of Tapestry in the fourth quarter valued at $328,000. Charles Schwab Investment Management Inc. boosted its stake in Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock worth $522,471,000 after buying an additional 382,856 shares during the last quarter. Decker Retirement Planning Inc. purchased a new stake in Tapestry in the 4th quarter valued at about $3,437,000. Principal Financial Group Inc. increased its stake in shares of Tapestry by 14.6% during the 4th quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer's stock valued at $20,195,000 after acquiring an additional 39,298 shares during the last quarter. Finally, Pzena Investment Management LLC purchased a new position in shares of Tapestry during the 4th quarter worth about $18,737,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of recent analyst reports. StockNews.com downgraded shares of Tapestry from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. UBS Group boosted their price objective on shares of Tapestry from $70.00 to $80.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Barclays cut their target price on Tapestry from $100.00 to $83.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. The Goldman Sachs Group lowered their price target on Tapestry from $98.00 to $84.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Robert W. Baird raised their price objective on Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Tapestry has an average rating of "Moderate Buy" and a consensus price target of $78.26.

Insider Activity

In other news, CEO Todd Kahn sold 7,786 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the sale, the chief executive officer now directly owns 201,531 shares in the company, valued at approximately $17,652,100.29. The trade was a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the sale, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is currently owned by corporate insiders.

Tapestry Stock Up 2.7 %

Shares of NYSE TPR opened at $64.89 on Wednesday. The firm has a market cap of $13.43 billion, a price-to-earnings ratio of 18.81, a PEG ratio of 2.01 and a beta of 1.37. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. 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 stock's 50-day simple moving average is $73.37 and its 200-day simple moving average is $65.52.

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

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.16%. The ex-dividend date was Thursday, March 6th. Tapestry's payout ratio is currently 40.58%.

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.

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