Envestnet Portfolio Solutions Inc. Sells 8,529 Shares of Tapestry, Inc. (NYSE:TPR)

Envestnet Portfolio Solutions Inc. cut its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 53.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,384 shares of the luxury accessories retailer's stock after selling 8,529 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Tapestry were worth $520,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of TPR. Southpoint Capital Advisors LP bought a new position in shares of Tapestry during the fourth quarter valued at $130,660,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Tapestry by 593.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock valued at $143,198,000 after acquiring an additional 1,875,753 shares in the last quarter. Norges Bank bought a new position in shares of Tapestry during the fourth quarter valued at $114,199,000. Point72 Asset Management L.P. bought a new position in shares of Tapestry during the fourth quarter valued at $101,433,000. Finally, Candlestick Capital Management LP bought a new position in shares of Tapestry during the fourth quarter valued at $66,902,000. 90.77% of the stock is currently owned by institutional investors.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred 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 transaction, the vice president now owns 40,922 shares in the company, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 116,062 shares of the company's stock, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by corporate insiders.

Tapestry Stock Up 1.0%

NYSE TPR opened at $86.31 on Friday. The stock's 50-day moving average price is $77.93 and its 200-day moving average price is $73.99. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The company has a market capitalization of $17.93 billion, a P/E ratio of 22.71, a price-to-earnings-growth ratio of 1.90 and a beta of 1.46.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data 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. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the company earned $0.81 earnings per share. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

Analysts Set New Price Targets

TPR has been the topic of several recent analyst reports. Cowen raised Tapestry from a "hold" rating to a "buy" rating in a research report on Thursday, June 12th. Citigroup increased their price objective on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Raymond James Financial reaffirmed an "outperform" rating and set a $85.00 price objective (up from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Telsey Advisory Group reaffirmed an "outperform" rating and set a $92.00 price objective on shares of Tapestry in a research report on Friday, May 9th. Finally, TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective on the stock in a research report on Thursday, June 12th. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, Tapestry presently has an average rating of "Moderate Buy" and a consensus target price of $88.78.

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.

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