Cetera Investment Advisers Trims Holdings in Tapestry, Inc. (NYSE:TPR)

Key Points

• Cetera Investment Advisers reduced its stake in Tapestry, Inc. by 14.3%, owning 43,357 shares valued at $3,053,000 after selling 7,246 shares in the first quarter.
• Insider transactions included CEO Todd Kahn selling 40,000 shares for $3.26 million, representing a 25.63% decrease in his ownership of the stock.
• Tapestry reported earnings of $1.03 per share for the latest quarter, exceeding expectations, with a revenue of $1.58 billion, up 6.9% year-over-year.

Cetera Investment Advisers cut its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 14.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 43,357 shares of the luxury accessories retailer's stock after selling 7,246 shares during the quarter. Cetera Investment Advisers' holdings in Tapestry were worth $3,053,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Ameriprise Financial Inc. boosted its stake in Tapestry by 4.8% during the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock valued at $527,799,000 after buying an additional 370,784 shares during the period. Northern Trust Corp boosted its stake in Tapestry by 3.0% during the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock valued at $183,909,000 after buying an additional 83,222 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in 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 valued at $143,198,000 after buying an additional 1,875,753 shares during the period. Southpoint Capital Advisors LP bought a new stake in Tapestry during the fourth quarter valued at $130,660,000. Finally, WT Asset Management Ltd lifted its stake in Tapestry by 140.6% during the first quarter. WT Asset Management Ltd now owns 1,574,634 shares of the luxury accessories retailer's stock worth $110,870,000 after purchasing an additional 920,087 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the sale, the vice president owned 40,922 shares of the company's stock, valued at $3,350,693.36. This represents a 3.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the transaction, the chief executive officer owned 116,062 shares in the company, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by corporate insiders.

Tapestry Trading Down 0.2%

Shares of Tapestry stock opened at $111.62 on Wednesday. The firm has a 50-day simple moving average of $92.32 and a two-hundred day simple moving average of $80.85. The company has a market cap of $23.18 billion, a P/E ratio of 29.37, a price-to-earnings-growth ratio of 2.26 and a beta of 1.51. Tapestry, Inc. has a fifty-two week low of $36.24 and a fifty-two week high of $112.49. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76.

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

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were paid a dividend of $0.35 per share. 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 is currently 36.84%.

Analysts Set New Price Targets

TPR has been the subject of several research analyst reports. UBS Group lifted their price target on Tapestry from $73.00 to $112.00 and gave the stock a "neutral" rating in a research note on Monday. The Goldman Sachs Group lifted their price target on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Argus lifted their price target on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Citigroup lifted their price target on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Bank of America lowered Tapestry from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $95.00 to $115.00 in a research note on Tuesday, July 29th. Four equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Tapestry presently has a consensus rating of "Moderate Buy" and a consensus target price of $99.72.

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.

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