Adage Capital Partners GP L.L.C. Sells 51,931 Shares of Tapestry, Inc. (NYSE:TPR)

Adage Capital Partners GP L.L.C. cut its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 11.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 397,900 shares of the luxury accessories retailer's stock after selling 51,931 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.19% of Tapestry worth $25,995,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Coppell Advisory Solutions LLC boosted its position in shares of Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after buying an additional 150 shares during the period. 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 acquiring an additional 252 shares in the last quarter. Canada Post Corp Registered Pension Plan acquired a new position in shares of Tapestry in the 4th quarter valued at about $48,000. UMB Bank n.a. increased its stake in Tapestry by 72.9% in the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer's stock valued at $77,000 after buying an additional 496 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its stake in shares of Tapestry by 1,792.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer's stock valued at $78,000 after buying an additional 1,129 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Todd Kahn sold 21,107 shares of the business's stock in a transaction 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 completion of the transaction, the chief executive officer now owns 176,985 shares of the company's stock, valued at $14,866,740. The trade was a 10.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the firm's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the sale, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. The trade was a 14.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock valued at $5,730,589 in the last 90 days. 1.18% of the stock is owned by company insiders.

Tapestry Price Performance

Shares of TPR stock traded down $0.02 during trading hours on Wednesday, reaching $70.02. 3,087,627 shares of the company were exchanged, compared to its average volume of 4,165,611. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The company has a market cap of $14.50 billion, a price-to-earnings ratio of 20.30, a P/E/G ratio of 2.01 and a beta of 1.37. The stock's fifty day moving average is $71.42 and its two-hundred day moving average is $66.34. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last released 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 net margin of 11.74% and a return on equity of 44.00%. During the same quarter in the prior year, the firm posted $1.63 EPS. Sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.00%. The ex-dividend date was Thursday, March 6th. Tapestry's payout ratio is 40.58%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on TPR shares. Redburn Atlantic raised Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price objective for the company in a research report on Tuesday, February 18th. JPMorgan Chase & Co. raised their target price on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Jefferies Financial Group raised their price objective on shares of Tapestry from $80.00 to $83.00 and gave the stock a "buy" rating in a report on Tuesday, January 28th. Telsey Advisory Group increased their price target on shares of Tapestry from $74.00 to $83.00 and gave the stock an "outperform" rating in a research report on Monday, February 3rd. Finally, The Goldman Sachs Group decreased their price objective on Tapestry from $98.00 to $84.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and an average price target of $78.00.

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.