Assetmark Inc. Trims Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Key Points

• Assetmark Inc. reduced its holdings in Tapestry, Inc. by 51.2%, selling 27,284 shares during the first quarter, leaving them with 26,010 shares valued at approximately $1.83 million.
• Tapestry recently reported earnings of $1.03 per share for the last quarter, exceeding analysts' expectations of $0.89, and achieved a revenue of $1.58 billion, reflecting a 6.9% year-over-year increase.
• The company declared a quarterly dividend of $0.35 per share, indicating a dividend yield of 1.29% with a payout ratio of 36.84%.

Assetmark Inc. reduced its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 51.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,010 shares of the luxury accessories retailer's stock after selling 27,284 shares during the period. Assetmark Inc.'s holdings in Tapestry were worth $1,831,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Curat Global LLC purchased a new position in shares of Tapestry in the first quarter valued at $382,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of Tapestry in the 1st quarter valued at approximately $1,708,000. Nisa Investment Advisors LLC grew its stake in shares of Tapestry by 16.7% in the 1st quarter. Nisa Investment Advisors LLC now owns 63,342 shares of the luxury accessories retailer's stock worth $4,460,000 after buying an additional 9,049 shares during the last quarter. Abacus FCF Advisors LLC lifted its position in Tapestry by 46.2% in the 4th quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer's stock valued at $2,972,000 after acquiring an additional 14,384 shares in the last quarter. Finally, Allworth Financial LP boosted its stake in shares of Tapestry by 689.0% in the 1st quarter. Allworth Financial LP now owns 13,374 shares of the luxury accessories retailer's stock worth $913,000 after buying an additional 11,679 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the completion of the transaction, the vice president owned 40,922 shares of the company's stock, valued at $3,350,693.36. The trade was a 3.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 completion of the sale, the chief executive officer directly owned 116,062 shares in the company, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on TPR. Cowen raised Tapestry from a "hold" rating to a "buy" rating in a report on Thursday, June 12th. Raymond James Financial reissued an "outperform" rating and set a $115.00 price target (up previously from $85.00) on shares of Tapestry in a research report on Tuesday, July 22nd. Morgan Stanley raised their target price on shares of Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a research note on Friday. UBS Group upped their target price on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Finally, Barclays reaffirmed an "overweight" rating and issued a $105.00 price objective (up previously from $98.00) on shares of Tapestry in a report on Friday, July 11th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and an average target price of $97.56.

Tapestry Stock Down 1.6%

NYSE:TPR traded down $1.71 during trading hours on Friday, hitting $106.32. The company's stock had a trading volume of 4,508,869 shares, compared to its average volume of 3,790,759. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $110.44. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $22.08 billion, a P/E ratio of 27.98, a price-to-earnings-growth ratio of 2.18 and a beta of 1.51. The stock has a fifty day moving average of $91.01 and a 200-day moving average of $80.19.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the prior year, the business posted $0.81 EPS. The company's revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is presently 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.