Chevy Chase Trust Holdings LLC Trims Holdings in Tapestry, Inc. (NYSE:TPR)

Chevy Chase Trust Holdings LLC reduced its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 11.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 108,637 shares of the luxury accessories retailer's stock after selling 13,710 shares during the period. Chevy Chase Trust Holdings LLC owned 0.05% of Tapestry worth $7,649,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of TPR. Charles Schwab Investment Management Inc. raised its stake in Tapestry by 5.0% in the fourth 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 buying an additional 382,856 shares during the last quarter. Curat Global LLC acquired a new position in shares of Tapestry during the first quarter valued at about $382,000. Abacus FCF Advisors LLC raised its position in shares of 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 purchasing an additional 14,384 shares during the last quarter. Pzena Investment Management LLC acquired a new stake in Tapestry in the 4th quarter worth approximately $18,737,000. Finally, Raymond James Financial Inc. purchased a new stake in Tapestry during the 4th quarter worth approximately $38,180,000. Institutional investors own 90.77% of the company's stock.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the company'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 sale, the vice president directly owned 40,922 shares in the company, valued at $3,350,693.36. This represents a 3.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following 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 position. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on TPR. Citigroup lifted their price objective on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. UBS Group lifted their price target on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $100.00 price objective (up from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Telsey Advisory Group reissued an "outperform" rating and set a $92.00 target price on shares of Tapestry in a report on Friday, May 9th. Finally, Wall Street Zen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Tapestry has a consensus rating of "Moderate Buy" and an average target price of $88.78.

Tapestry Price Performance

Shares of Tapestry stock traded up $0.79 on Monday, reaching $87.90. The company's stock had a trading volume of 2,724,071 shares, compared to its average volume of 4,319,374. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $18.26 billion, a P/E ratio of 23.13, a PEG ratio of 1.94 and a beta of 1.46. The stock has a 50-day moving average price of $78.89 and a 200-day moving average price of $74.51. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85.

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. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The firm's revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.81 EPS. Analysts expect that Tapestry, Inc. will post 4.91 EPS 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 issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry's payout ratio 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.