Deutsche Bank AG Cuts Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Key Points

• Deutsche Bank AG cut its holdings in Tapestry, Inc. by 40.1%, owning 772,634 shares valued at approximately $54.4 million post-sale.
• Despite the reduction by Deutsche Bank, other institutional investors increased their stakes, with Harbour Investments Inc. boosting its position by 120.1%.
• Tapestry's stock has garnered positive ratings, with multiple analysts upgrading their target prices, resulting in a consensus rating of "Moderate Buy" and an average price target of $101.56.

Deutsche Bank AG decreased its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 40.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 772,634 shares of the luxury accessories retailer's stock after selling 517,866 shares during the period. Deutsche Bank AG owned 0.37% of Tapestry worth $54,401,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Harbour Investments Inc. increased its position in Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after purchasing an additional 197 shares during the period. Greenline Partners LLC purchased a new stake in Tapestry during the fourth quarter valued at approximately $29,000. MorganRosel Wealth Management LLC acquired a new stake in Tapestry in the first quarter valued at approximately $35,000. Opal Wealth Advisors LLC acquired a new stake in Tapestry in the first quarter valued at approximately $35,000. Finally, Coppell Advisory Solutions LLC boosted its stake in Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after acquiring an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Tapestry Stock Performance

Shares of NYSE TPR opened at $108.01 on Tuesday. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a 12 month low of $37.13 and a 12 month high of $113.08. The company has a 50 day simple moving average of $94.75 and a two-hundred day simple moving average of $81.91. The stock has a market cap of $22.43 billion, a price-to-earnings ratio of 28.42, a PEG ratio of 2.20 and a beta of 1.51.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Telsey Advisory Group restated an "outperform" rating and issued a $125.00 target price (up from $92.00) on shares of Tapestry in a research note on Monday. Raymond James Financial restated an "outperform" rating and issued a $115.00 target price (up from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. 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. The Goldman Sachs Group raised their target price on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, Barclays reiterated an "overweight" rating and issued a $105.00 target price (up from $98.00) on shares of Tapestry in a research note on Friday, July 11th. Four equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $101.56.

Tapestry 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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