Tapestry, Inc. (NYSE:TPR) Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC reduced its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 64.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 83,788 shares of the luxury accessories retailer's stock after selling 154,937 shares during the quarter. Los Angeles Capital Management LLC's holdings in Tapestry were worth $5,900,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Corient Private Wealth LLC increased its stake in shares of Tapestry by 43.3% in the 4th quarter. Corient Private Wealth LLC now owns 38,893 shares of the luxury accessories retailer's stock worth $2,541,000 after acquiring an additional 11,754 shares during the last quarter. Virtu Financial LLC purchased a new position in Tapestry during the 4th quarter valued at about $271,000. Mizuho Securities USA LLC boosted its holdings in Tapestry by 47.9% during the 4th quarter. Mizuho Securities USA LLC now owns 22,087 shares of the luxury accessories retailer's stock valued at $1,443,000 after acquiring an additional 7,158 shares during the period. KLP Kapitalforvaltning AS purchased a new position in Tapestry during the 4th quarter valued at about $3,508,000. Finally, Fox Run Management L.L.C. purchased a new position in shares of Tapestry in the 4th quarter valued at about $339,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction 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 directly owned 116,062 shares in the company, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Manesh Dadlani sold 1,399 shares of the company'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 owned 40,922 shares in the company, valued at $3,350,693.36. This represents 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 currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on TPR. The Goldman Sachs Group lifted their price objective on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective for the company in a research note on Thursday, May 8th. UBS Group boosted their target price on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Telsey Advisory Group restated an "outperform" rating and set a $92.00 target price on shares of Tapestry in a research note on Friday, May 9th. Finally, Raymond James Financial restated an "outperform" rating and set a $115.00 target price (up previously from $85.00) on shares of Tapestry in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $90.83.

Tapestry Price Performance

Shares of Tapestry stock traded down $0.36 during trading on Thursday, reaching $108.81. The company's stock had a trading volume of 1,961,712 shares, compared to its average volume of 4,957,392. 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 12-month low of $35.23 and a 12-month high of $109.60. The company has a market capitalization of $22.60 billion, a P/E ratio of 28.62, a price-to-earnings-growth ratio of 2.20 and a beta of 1.47. The business has a 50 day moving average price of $86.67 and a 200-day moving average price of $78.02.

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, topping analysts' consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion for 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%. Tapestry's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.81 earnings per share. As a group, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Shareholders 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 yield of 1.29%. Tapestry's payout ratio is 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.