Edgestream Partners L.P. Lowers Holdings in Tapestry, Inc. (NYSE:TPR)

Edgestream Partners L.P. lowered its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 59.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,853 shares of the luxury accessories retailer's stock after selling 83,748 shares during the period. Edgestream Partners L.P.'s holdings in Tapestry were worth $4,073,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in TPR. Greenline Partners LLC purchased a new position in Tapestry during the fourth quarter valued at $29,000. Coppell Advisory Solutions LLC lifted its position in Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after buying an additional 150 shares during the period. Opal Wealth Advisors LLC purchased a new position in Tapestry during the first quarter valued at $35,000. MorganRosel Wealth Management LLC purchased a new position in Tapestry during the first quarter valued at $35,000. Finally, Canada Post Corp Registered Pension Plan purchased a new position in Tapestry during the fourth quarter valued at $48,000. Institutional investors own 90.77% of the company's stock.

Tapestry Stock Performance

NYSE TPR traded up $1.43 during trading hours on Friday, hitting $103.59. The company's stock had a trading volume of 670,274 shares, compared to its average volume of 4,975,739. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $103.70. The company's 50 day simple moving average is $85.23 and its two-hundred day simple moving average is $77.12. The company has a market cap of $21.51 billion, a P/E ratio of 27.26, a price-to-earnings-growth ratio of 2.08 and a beta of 1.47. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22.

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

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.35%. Tapestry's payout ratio is currently 36.84%.

Insider Transactions at Tapestry

In other news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction dated 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 directly owned 116,062 shares of the company's stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction dated 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 approximately $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on TPR shares. The Goldman Sachs Group raised their price objective on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Argus raised their price objective on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Barclays reissued an "overweight" rating and set a $105.00 price objective (up previously from $98.00) on shares of Tapestry in a research report on Friday, July 11th. 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 research report on Thursday, May 8th. Finally, TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target for the company in a research report on Thursday, June 12th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Tapestry presently has an average rating of "Moderate Buy" and a consensus price target of $89.17.

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.