Patton Fund Management Inc. Sells 29,625 Shares of Tapestry, Inc. (NYSE:TPR)

Patton Fund Management Inc. lowered its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 22.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 101,237 shares of the luxury accessories retailer's stock after selling 29,625 shares during the quarter. Tapestry comprises approximately 1.7% of Patton Fund Management Inc.'s holdings, making the stock its 11th largest holding. Patton Fund Management Inc.'s holdings in Tapestry were worth $7,128,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Inscription Capital LLC acquired a new position in Tapestry during the first quarter valued at approximately $341,000. QRG Capital Management Inc. lifted its holdings in shares of Tapestry by 39.7% during the 1st quarter. QRG Capital Management Inc. now owns 17,813 shares of the luxury accessories retailer's stock valued at $1,254,000 after acquiring an additional 5,066 shares in the last quarter. Sowell Financial Services LLC lifted its holdings in shares of Tapestry by 5.0% during the 1st quarter. Sowell Financial Services LLC now owns 23,505 shares of the luxury accessories retailer's stock valued at $1,655,000 after acquiring an additional 1,123 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in Tapestry by 53.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 7,834 shares of the luxury accessories retailer's stock worth $552,000 after purchasing an additional 2,743 shares during the period. Finally, Brighton Jones LLC acquired a new stake in Tapestry in the 1st quarter valued at $246,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Tapestry Stock Up 1.8%

Shares of NYSE TPR traded up $1.48 during mid-day trading on Wednesday, reaching $84.24. The company had a trading volume of 3,571,463 shares, compared to its average volume of 4,289,246. The stock has a fifty day moving average of $75.28 and a two-hundred day moving average of $73.07. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company has a market capitalization of $17.50 billion, a price-to-earnings ratio of 22.17, a PEG ratio of 1.84 and a beta of 1.46. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (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 company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the firm earned $0.81 EPS. The company's revenue was up 6.9% compared to the same quarter last year. As a group, equities research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be given a $0.35 dividend. 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 payout ratio is currently 36.84%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on TPR shares. Wall Street Zen raised Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Redburn Atlantic upgraded Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price target for the company in a report on Tuesday, February 18th. TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target on the stock in a research report on Thursday, June 12th. Barclays raised their price target on Tapestry from $83.00 to $98.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $85.00 target price (up from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $88.78.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 1,399 shares of Tapestry 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 now owns 40,922 shares of the company's stock, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Kahn sold 40,000 shares of the 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 transaction, the chief executive officer now directly owns 116,062 shares in the company, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

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.