Chevy Chase Trust Holdings LLC Has $7.65 Million Stock Position in Tapestry, Inc. (NYSE:TPR)

Chevy Chase Trust Holdings LLC decreased its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 11.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 108,637 shares of the luxury accessories retailer's stock after selling 13,710 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of Tapestry worth $7,649,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its stake in Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock valued at $522,471,000 after purchasing an additional 382,856 shares during the period. Curat Global LLC bought a new position in Tapestry in the first quarter valued at about $382,000. Abacus FCF Advisors LLC raised its position in Tapestry by 46.2% in the fourth quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer's stock valued at $2,972,000 after purchasing an additional 14,384 shares during the last quarter. Pzena Investment Management LLC bought a new position in Tapestry in the fourth quarter valued at about $18,737,000. Finally, Raymond James Financial Inc. bought a new position in shares of Tapestry during the fourth quarter worth about $38,180,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Trading Up 1.0%

Shares of Tapestry stock opened at $86.31 on Friday. 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, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The stock has a 50 day moving average price of $77.93 and a two-hundred day moving average price of $73.99. The stock has a market capitalization of $17.93 billion, a PE ratio of 22.71, a price-to-earnings-growth ratio of 1.90 and a beta of 1.46.

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

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.62%. Tapestry's payout ratio is 36.84%.

Insider Activity at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of Tapestry 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 transaction, the chief executive officer now owns 116,062 shares of the company's stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the transaction, the vice president now directly owns 40,922 shares in the company, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TPR shares. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Thursday, June 12th. Wells Fargo & Company restated an "overweight" rating and set a $100.00 price objective (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective for the company in a research report on Thursday, May 8th. Telsey Advisory Group restated an "outperform" rating and set a $92.00 price objective on shares of Tapestry in a research report on Friday, May 9th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $85.00 target price (up from $74.00) on shares of Tapestry in a report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.78.

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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