Correct Capital Wealth Management Trims Position in Tapestry, Inc. (NYSE:TPR)

Correct Capital Wealth Management cut its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 25.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,594 shares of the luxury accessories retailer's stock after selling 6,240 shares during the period. Correct Capital Wealth Management's holdings in Tapestry were worth $1,309,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Proficio Capital Partners LLC bought a new stake in Tapestry in the fourth quarter valued at about $9,279,000. Raymond James Financial Inc. bought a new position in shares of Tapestry during the 4th quarter worth approximately $38,180,000. PNC Financial Services Group Inc. lifted its position in shares of Tapestry by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 52,949 shares of the luxury accessories retailer's stock worth $3,459,000 after buying an additional 1,560 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Tapestry by 18.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 59,608 shares of the luxury accessories retailer's stock worth $3,894,000 after buying an additional 9,433 shares during the period. Finally, Daiwa Securities Group Inc. raised its stake in Tapestry by 17.9% during the fourth quarter. Daiwa Securities Group Inc. now owns 12,515 shares of the luxury accessories retailer's stock worth $818,000 after acquiring an additional 1,896 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on TPR shares. Citigroup boosted their price target on shares of Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, May 9th. TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a research note on Thursday, June 12th. Telsey Advisory Group reaffirmed an "outperform" rating and set a $92.00 price target on shares of Tapestry in a report on Friday, May 9th. Morgan Stanley raised Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target for the company in a report on Thursday, May 8th. Finally, Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a report on Thursday, June 12th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $89.17.

Insider Activity at Tapestry

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the stock in a transaction 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 directly owned 116,062 shares of the company's stock, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Manesh Dadlani sold 1,399 shares of the company's stock in a transaction 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 transaction, 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 disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

Tapestry Stock Performance

Shares of Tapestry stock traded up $0.72 during mid-day trading on Friday, hitting $98.36. 2,022,689 shares of the stock were exchanged, compared to its average volume of 5,029,336. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. The company has a market capitalization of $20.43 billion, a P/E ratio of 25.88, a P/E/G ratio of 1.97 and a beta of 1.47. The company has a 50-day simple moving average of $82.57 and a 200 day simple moving average of $75.90. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $98.56.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $1.58 billion for 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 firm's quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 EPS. Sell-side analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were paid 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 1.42%. Tapestry's payout ratio is currently 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.