Tapestry, Inc. (NYSE:TPR) Shares Sold by Lifestyle Asset Management Inc.

Lifestyle Asset Management Inc. decreased its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 28.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,443 shares of the luxury accessories retailer's stock after selling 6,988 shares during the period. Tapestry makes up approximately 0.7% of Lifestyle Asset Management Inc.'s investment portfolio, making the stock its 28th biggest position. Lifestyle Asset Management Inc.'s holdings in Tapestry were worth $1,228,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TPR. Greenline Partners LLC purchased a new position in shares of Tapestry during the fourth quarter worth approximately $29,000. Coppell Advisory Solutions LLC lifted its holdings in shares of Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after purchasing an additional 150 shares during the period. Venturi Wealth Management LLC grew its holdings in Tapestry by 78.0% during the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock worth $38,000 after acquiring an additional 252 shares during the period. Canada Post Corp Registered Pension Plan acquired a new position in Tapestry in the 4th quarter worth about $48,000. Finally, MassMutual Private Wealth & Trust FSB increased its stake in Tapestry by 25.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock worth $68,000 after buying an additional 194 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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 sale, the chief executive officer now directly owns 116,062 shares of the company's stock, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president now directly owns 40,922 shares of the company's stock, valued at $3,350,693.36. The trade was a 3.31% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

Tapestry Stock Performance

Shares of Tapestry stock traded down $0.22 on Friday, reaching $79.00. 2,406,856 shares of the stock were exchanged, compared to its average volume of 4,254,741. The firm has a market capitalization of $16.41 billion, a PE ratio of 22.90, a PEG ratio of 2.01 and a beta of 1.41. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The business has a fifty day moving average price of $72.52 and a two-hundred day moving average price of $71.70. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter last year, the business posted $0.81 earnings per share. The business's revenue for the quarter was up 6.9% on a year-over-year basis. As a group, research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be issued a $0.35 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.77%. Tapestry's dividend payout ratio (DPR) is 36.84%.

Analyst Ratings Changes

TPR has been the topic of a number of research analyst reports. UBS Group lifted their target price on Tapestry from $68.00 to $73.00 and gave the company a "neutral" 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 for the company in a report on Thursday, May 8th. Wells Fargo & Company reissued an "overweight" rating and issued a $100.00 price target (up previously from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. The Goldman Sachs Group boosted their target price on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Four investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Tapestry presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.89.

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.