Tapestry, Inc. (NYSE:TPR) Shares Sold by Baird Financial Group Inc.

Baird Financial Group Inc. lowered its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 91.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,883 shares of the luxury accessories retailer's stock after selling 105,615 shares during the quarter. Baird Financial Group Inc.'s holdings in Tapestry were worth $646,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Apollon Wealth Management LLC acquired a new position in Tapestry during the 4th quarter worth approximately $328,000. Charles Schwab Investment Management Inc. increased its position in Tapestry by 5.0% during 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 purchasing an additional 382,856 shares during the period. Decker Retirement Planning Inc. acquired a new position in Tapestry during the 4th quarter worth approximately $3,437,000. Abacus FCF Advisors LLC increased its position in Tapestry by 46.2% during the 4th quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer's stock worth $2,972,000 after purchasing an additional 14,384 shares during the period. Finally, Principal Financial Group Inc. increased its position in Tapestry by 14.6% during the 4th quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer's stock worth $20,195,000 after purchasing an additional 39,298 shares during the period. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 40,000 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the sale, the chief executive officer now owns 116,062 shares in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction dated 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 sale, the chief financial officer now owns 146,587 shares in the company, valued at approximately $12,688,570.72. This trade represents a 14.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 107,936 shares of company stock worth $9,101,139 over the last quarter. 1.18% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

TPR has been the topic of several recent analyst reports. Wells Fargo & Company reiterated an "overweight" rating and set a $100.00 target price (up previously from $90.00) on shares of Tapestry in a research report on Wednesday. Jefferies Financial Group boosted their target price on Tapestry from $80.00 to $83.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. UBS Group boosted their target price on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. StockNews.com raised Tapestry from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Finally, Guggenheim boosted their price target on Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $83.89.

Tapestry Stock Down 0.6%

NYSE:TPR traded down $0.47 on Friday, reaching $82.77. The stock had a trading volume of 2,552,671 shares, compared to its average volume of 4,225,678. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company has a 50-day moving average of $70.53 and a 200 day moving average of $69.15. The stock has a market cap of $17.19 billion, a P/E ratio of 23.99, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.89 by $0.14. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The business had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter last year, the company posted $0.81 earnings per share. The company's quarterly revenue was up 6.9% compared to the same quarter last year. On average, research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.69%. Tapestry's dividend payout ratio (DPR) is 36.84%.

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.