Oppenheimer Asset Management Inc. Cuts Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Oppenheimer Asset Management Inc. cut its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 26.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,927 shares of the luxury accessories retailer's stock after selling 28,268 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Tapestry were worth $5,487,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Greenline Partners LLC bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $29,000. Opal Wealth Advisors LLC purchased a new position in shares of Tapestry in the first quarter worth $35,000. Coppell Advisory Solutions LLC increased its position in Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after acquiring an additional 150 shares during the last quarter. Venturi Wealth Management LLC increased its position in Tapestry by 78.0% during the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock valued at $38,000 after acquiring an additional 252 shares during the last quarter. Finally, Canada Post Corp Registered Pension Plan purchased a new stake in Tapestry during the fourth quarter valued at $48,000. 90.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction dated 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 represents a 25.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the company's stock in a transaction dated 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 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. Company insiders own 1.18% of the company's stock.

Tapestry Stock Up 1.0%

TPR stock traded up $0.89 on Thursday, hitting $86.31. 2,722,208 shares of the company's stock were exchanged, compared to its average volume of 4,291,588. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The firm has a 50 day moving average price of $77.47 and a two-hundred day moving average price of $73.82. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. The stock has a market cap of $17.93 billion, a P/E ratio of 22.71, a price-to-earnings-growth ratio of 1.94 and a beta of 1.46.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.14. The firm 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%. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 EPS. As a group, 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 was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were paid 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 yield of 1.62%. Tapestry's payout ratio is presently 36.84%.

Analyst Ratings Changes

A number of analysts have commented on TPR shares. UBS Group upped their price target on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. The Goldman Sachs Group raised 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. Cowen raised Tapestry from a "hold" rating to a "buy" rating in a research note on Thursday, June 12th. Morgan Stanley raised Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target for the company in a research note on Thursday, May 8th. Finally, Telsey Advisory Group reissued an "outperform" rating and set a $92.00 price target on shares of Tapestry in a research note on Friday, May 9th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.78.

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.