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

Crossmark Global Holdings Inc. lowered its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 50.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 176,904 shares of the luxury accessories retailer's stock after selling 177,806 shares during the period. Crossmark Global Holdings Inc. owned about 0.09% of Tapestry worth $12,456,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TPR. US Bancorp DE raised its stake in Tapestry by 18.1% during the fourth quarter. US Bancorp DE now owns 17,440 shares of the luxury accessories retailer's stock valued at $1,139,000 after buying an additional 2,676 shares in the last quarter. Victory Capital Management Inc. raised its stake in Tapestry by 18.7% during the fourth quarter. Victory Capital Management Inc. now owns 515,095 shares of the luxury accessories retailer's stock valued at $33,651,000 after buying an additional 81,270 shares in the last quarter. Assetmark Inc. raised its stake in Tapestry by 6.7% during the fourth quarter. Assetmark Inc. now owns 53,294 shares of the luxury accessories retailer's stock valued at $3,482,000 after buying an additional 3,330 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in Tapestry during the fourth quarter valued at approximately $9,279,000. Finally, Arizona State Retirement System raised its stake in Tapestry by 2.1% during the fourth quarter. Arizona State Retirement System now owns 67,556 shares of the luxury accessories retailer's stock valued at $4,413,000 after buying an additional 1,394 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Wells Fargo & Company reiterated an "overweight" rating and set a $100.00 price target (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price on the stock in a research report on Thursday, June 12th. The Goldman Sachs Group raised their target price on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 target price on the stock in a research report on Thursday, May 8th. Finally, Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a research 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 company's stock. According to data from MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.78.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 40,000 shares of the 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 sale, the chief executive officer owned 116,062 shares of the company's stock, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of the firm'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 completion of the sale, the vice president directly owned 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. Corporate insiders own 1.18% of the company's stock.

Tapestry Price Performance

Tapestry stock opened at $90.73 on Monday. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The stock's 50 day moving average is $80.62 and its 200-day moving average is $75.23. 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 company has a market capitalization of $18.84 billion, a price-to-earnings ratio of 23.88, a PEG ratio of 1.86 and a beta of 1.47.

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

Tapestry Announces Dividend

The business also recently declared 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. This represents a $1.40 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry's dividend payout ratio is currently 36.84%.

About Tapestry

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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