Tapestry, Inc. (NYSE:TPR) Shares Sold by Private Advisor Group LLC

Key Points

• Private Advisor Group LLC reduced its holdings in Tapestry, Inc. by 33.2%, now owning 7,573 shares valued at $533,000.
• Several hedge funds have adjusted their stakes in Tapestry, with Kingsview Wealth Management LLC increasing its position by 518.4%, now holding 43,796 shares worth over $3 million.
• Analysts have varying price targets for Tapestry, with Raymond James setting a target of $115.00 and an average consensus target of $96.17 among ratings.

Private Advisor Group LLC trimmed its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 33.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,573 shares of the luxury accessories retailer's stock after selling 3,763 shares during the quarter. Private Advisor Group LLC's holdings in Tapestry were worth $533,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TPR. Southpoint Capital Advisors LP bought a new position in Tapestry in the 4th quarter worth about $130,660,000. Price T Rowe Associates Inc. MD grew its stake in Tapestry by 593.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock worth $143,198,000 after purchasing an additional 1,875,753 shares in the last quarter. Norges Bank purchased a new position in Tapestry during the 4th quarter worth $114,199,000. Point72 Asset Management L.P. bought a new stake in Tapestry during the 4th quarter valued at $101,433,000. Finally, Candlestick Capital Management LP purchased a new stake in shares of Tapestry in the 4th quarter worth $66,902,000. 90.77% of the stock is owned by institutional investors.

Tapestry Stock Down 1.6%

NYSE TPR traded down $1.71 during trading on Friday, hitting $106.32. The company's stock had a trading volume of 4,508,869 shares, compared to its average volume of 3,790,759. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $110.44. The company has a market cap of $22.08 billion, a PE ratio of 27.98, a P/E/G ratio of 2.18 and a beta of 1.51. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The business's 50 day simple moving average is $91.01 and its 200-day simple moving average is $80.19.

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, beating the consensus estimate of $0.89 by $0.14. The firm had revenue of $1.58 billion during 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%. Tapestry's revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm posted $0.81 EPS. On average, equities analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed 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. This represents a $1.40 annualized dividend and a yield of 1.3%. The ex-dividend date was Friday, June 6th. Tapestry's payout ratio is presently 36.84%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TPR shares. Morgan Stanley increased their price target on Tapestry from $90.00 to $115.00 and gave the stock an "overweight" rating in a research report on Friday. Wall Street Zen cut shares of Tapestry from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Telsey Advisory Group reissued an "outperform" rating and set a $92.00 target price on shares of Tapestry in a research report on Friday, May 9th. Argus increased their price objective on shares of Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Finally, Barclays reissued an "overweight" rating and issued a $105.00 price objective (up previously from $98.00) on shares of Tapestry in a research note on Friday, July 11th. Four analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $97.56.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction dated 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 directly owned 40,922 shares of the company's stock, valued at $3,350,693.36. This represents a 3.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the sale, the chief executive officer directly owned 116,062 shares in the company, valued at approximately $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. 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.