Tapestry, Inc. (NYSE:TPR) Stock Holdings Lessened by Cresset Asset Management LLC

Cresset Asset Management LLC trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 71.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,843 shares of the luxury accessories retailer's stock after selling 22,484 shares during the quarter. Cresset Asset Management LLC's holdings in Tapestry were worth $578,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of TPR. Price T Rowe Associates Inc. MD increased its position in shares of Tapestry by 593.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock worth $143,198,000 after acquiring an additional 1,875,753 shares during the last quarter. Norges Bank acquired a new position in Tapestry in the fourth quarter worth about $114,199,000. Candlestick Capital Management LP acquired a new position in Tapestry in the fourth quarter worth about $66,902,000. WT Asset Management Ltd acquired a new position in Tapestry in the fourth quarter worth about $42,762,000. Finally, Raymond James Financial Inc. acquired a new position in Tapestry in the fourth quarter worth about $38,180,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TPR has been the subject of a number of research reports. Wells Fargo & Company reiterated an "overweight" rating and issued a $100.00 price target (up from $90.00) on shares of Tapestry in a research note on Wednesday. UBS Group lifted their price target on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target for the company in a research note on Thursday, May 8th. StockNews.com upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Tuesday. Finally, Barclays lifted their target price on Tapestry from $83.00 to $98.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and an average target price of $83.89.

Insider Buying and Selling

In other news, General Counsel David E. Howard sold 11,917 shares of the company's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now owns 38,609 shares in the company, valued at $3,397,592. This represents a 23.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the sale, the chief executive officer now owns 116,062 shares of the company's stock, valued at approximately $9,447,446.80. This trade represents a 25.63% 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 valued at $9,101,139 over the last quarter. Corporate insiders own 1.18% of the company's stock.

Tapestry Stock Performance

Shares of TPR traded down $0.47 during mid-day trading on Friday, reaching $82.77. 2,552,671 shares of the company's stock traded hands, compared to its average volume of 4,224,047. The business's 50-day moving average price is $70.53 and its 200-day moving average price is $69.00. The stock has a market capitalization 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. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85.

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

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be issued 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 payout ratio is 36.84%.

About Tapestry

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.