Mirae Asset Global Investments Co. Ltd. Lowers Holdings in Tapestry, Inc. (NYSE:TPR)

Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 87.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,076 shares of the luxury accessories retailer's stock after selling 166,629 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Tapestry were worth $1,691,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Curat Global LLC purchased a new position in shares of Tapestry during the 1st quarter valued at about $382,000. Abacus FCF Advisors LLC raised its holdings in shares of Tapestry by 46.2% during the 4th quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer's stock valued at $2,972,000 after buying an additional 14,384 shares in the last quarter. Pzena Investment Management LLC purchased a new position in shares of Tapestry during the 4th quarter valued at about $18,737,000. Raymond James Financial Inc. purchased a new position in shares of Tapestry during the 4th quarter valued at about $38,180,000. Finally, Summit Global Investments purchased a new position in shares of Tapestry during the 4th quarter valued at about $1,919,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Tapestry

In related 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 transaction of $114,550.12. Following the sale, the vice president directly owned 40,922 shares in the company, valued at $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the sale, the chief executive officer owned 116,062 shares in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Wall Street Analysts Forecast Growth

TPR has been the topic of a number of analyst reports. Raymond James Financial reaffirmed an "outperform" rating and issued a $85.00 price target (up from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Wall Street Zen raised Tapestry from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Morgan Stanley raised Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target on the stock in a research note on Thursday, May 8th. Argus lifted their price target on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Finally, Telsey Advisory Group reaffirmed an "outperform" rating and issued a $92.00 price target on shares of Tapestry in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and an average target price of $88.78.

Tapestry Trading Up 4.9%

Shares of TPR stock traded up $4.25 during trading hours on Friday, reaching $90.73. The company's stock had a trading volume of 4,388,372 shares, compared to its average volume of 4,342,895. The stock has a market capitalization of $18.84 billion, a P/E ratio of 23.88, a P/E/G ratio of 1.86 and a beta of 1.47. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The firm's fifty day simple moving average is $80.62 and its 200 day simple moving average is $75.05. 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 (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 for the quarter, beating 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 company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the company posted $0.81 earnings per share. The firm's revenue was up 6.9% on a year-over-year basis. Equities research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.54%. Tapestry's dividend payout ratio is presently 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.