North Growth Management Ltd. Sells 84,000 Shares of Tapestry, Inc. (NYSE:TPR)

North Growth Management Ltd. cut its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 36.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 146,000 shares of the luxury accessories retailer's stock after selling 84,000 shares during the period. Tapestry accounts for about 2.2% of North Growth Management Ltd.'s investment portfolio, making the stock its 22nd biggest position. North Growth Management Ltd. owned approximately 0.07% of Tapestry worth $10,266,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of TPR. Greenline Partners LLC bought a new position in shares of Tapestry in the fourth quarter worth about $29,000. Coppell Advisory Solutions LLC raised its stake in shares of Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after acquiring an additional 150 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Tapestry in the first quarter worth about $35,000. Venturi Wealth Management LLC raised its stake in shares of Tapestry by 78.0% in 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 last quarter. Finally, Canada Post Corp Registered Pension Plan acquired a new stake in shares of Tapestry during the 4th quarter worth approximately $48,000. 90.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction on Monday, May 12th. The shares were 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. This represents a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 transaction 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. This represents a 3.31% 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.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. UBS Group lifted their price target on shares of Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Citigroup lifted their price target on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Raymond James Financial reiterated an "outperform" rating and set a $85.00 price target (up previously from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Wall Street Zen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Finally, TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Thursday, June 12th. Three investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $88.78.

Tapestry Stock Performance

Shares of TPR stock opened at $84.41 on Friday. The company's fifty day simple moving average is $76.11 and its 200-day simple moving average is $73.35. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. The firm has a market cap of $17.53 billion, a PE ratio of 22.21, a P/E/G ratio of 1.87 and a beta of 1.46. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 earnings per share. Equities research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend is Friday, June 6th. Tapestry's dividend payout ratio (DPR) is currently 36.84%.

Tapestry 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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