Cypress Capital Group Sells 3,461 Shares of Tapestry, Inc. (NYSE:TPR)

Cypress Capital Group decreased its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 18.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,799 shares of the luxury accessories retailer's stock after selling 3,461 shares during the quarter. Cypress Capital Group's holdings in Tapestry were worth $1,032,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of TPR. Erste Asset Management GmbH purchased a new stake in shares of Tapestry in the 3rd quarter worth $64,016,000. WT Asset Management Ltd purchased a new stake in Tapestry in the fourth quarter valued at about $42,762,000. Bank of Montreal Can raised its stake in Tapestry by 76.6% in the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer's stock valued at $59,641,000 after buying an additional 539,793 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Tapestry by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock valued at $522,471,000 after buying an additional 382,856 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its stake in Tapestry by 16.4% in the fourth quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer's stock valued at $138,596,000 after buying an additional 298,409 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total value of $1,772,988.00. Following the transaction, the chief executive officer now owns 176,985 shares in the company, valued at approximately $14,866,740. The trade was a 10.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the transaction, the chief financial officer now owns 146,587 shares in the company, valued at approximately $12,688,570.72. The trade was a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is owned by insiders.

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Tapestry Stock Down 3.5 %

NYSE:TPR traded down $2.72 during mid-day trading on Friday, reaching $75.00. The stock had a trading volume of 7,520,384 shares, compared to its average volume of 5,197,207. The company has a market capitalization of $15.53 billion, a price-to-earnings ratio of 21.74, a price-to-earnings-growth 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. The stock's 50 day simple moving average is $76.22 and its two-hundred day simple moving average is $59.67. 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 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 earned $1.63 EPS. Equities analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently declared 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 annualized dividend and a yield of 1.87%. Tapestry's dividend payout ratio (DPR) is 40.58%.

Wall Street Analysts Forecast Growth

TPR has been the topic of a number of research reports. Telsey Advisory Group increased their price objective on Tapestry from $74.00 to $83.00 and gave the company an "outperform" rating in a report on Monday, February 3rd. Raymond James reissued an "outperform" rating and issued a $88.00 price objective (up from $79.00) on shares of Tapestry in a report on Friday, February 7th. Wells Fargo & Company raised their price objective on Tapestry from $75.00 to $90.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Guggenheim raised their target price on Tapestry from $70.00 to $90.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Finally, JPMorgan Chase & Co. raised their target price on Tapestry from $88.00 to $104.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and a consensus 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.