Oppenheimer & Co. Inc. Sells 39,389 Shares of Tapestry, Inc. (NYSE:TPR)

Oppenheimer & Co. Inc. cut its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 79.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,108 shares of the luxury accessories retailer's stock after selling 39,389 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Tapestry were worth $712,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in TPR. Charles Schwab Investment Management Inc. lifted its stake in shares of Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock valued at $522,471,000 after acquiring an additional 382,856 shares during the last quarter. Curat Global LLC acquired a new position in Tapestry in the 1st quarter worth about $382,000. Abacus FCF Advisors LLC raised its position in Tapestry by 46.2% in the fourth quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer's stock valued at $2,972,000 after purchasing an additional 14,384 shares during the last quarter. Pzena Investment Management LLC acquired a new stake in shares of Tapestry during the fourth quarter valued at about $18,737,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Tapestry in the fourth quarter valued at approximately $38,180,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Up 4.3%

TPR stock traded up $3.75 during trading on Thursday, hitting $90.23. 4,384,092 shares of the stock traded hands, compared to its average volume of 4,330,553. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. The stock has a market cap of $18.74 billion, a price-to-earnings ratio of 23.74, a price-to-earnings-growth ratio of 1.80 and a beta of 1.47. The firm's 50 day moving average is $79.73 and its two-hundred day moving average is $74.68. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22.

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. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the firm posted $0.81 EPS. The firm's revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.55%. The ex-dividend date was Friday, June 6th. Tapestry's dividend payout ratio is presently 36.84%.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction that occurred 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 sale, the vice president owned 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the company'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 completion of the transaction, the chief executive officer directly owned 116,062 shares of the company's stock, valued at $9,447,446.80. This represents a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Barclays raised their price target on shares of Tapestry from $83.00 to $98.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. The Goldman Sachs Group raised their target price on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Wall Street Zen raised Tapestry from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Cowen raised Tapestry from a "hold" rating to a "buy" rating in a research note on Thursday, June 12th. Finally, Argus boosted their price target on shares of Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and an average target price of $88.78.

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.