Tapestry, Inc. (NYSE:TPR) Shares Sold by Summit Global Investments

Summit Global Investments lessened its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 74.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,617 shares of the luxury accessories retailer's stock after selling 21,758 shares during the period. Summit Global Investments' holdings in Tapestry were worth $536,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TPR. GAMMA Investing LLC raised its position in Tapestry by 8,158.1% during the first quarter. GAMMA Investing LLC now owns 622,988 shares of the luxury accessories retailer's stock valued at $43,865,000 after acquiring an additional 615,444 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Tapestry by 25.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock worth $68,000 after acquiring an additional 194 shares during the last quarter. 111 Capital acquired a new stake in shares of Tapestry in the fourth quarter worth $372,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Tapestry by 9.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 77,798 shares of the luxury accessories retailer's stock worth $5,083,000 after acquiring an additional 6,851 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC acquired a new stake in Tapestry during the fourth quarter worth $205,000. Institutional investors own 90.77% of the company's stock.

Tapestry Trading Up 1.1%

Shares of TPR stock traded up $0.86 during trading hours on Thursday, reaching $79.18. The company's stock had a trading volume of 2,797,134 shares, compared to its average volume of 4,262,133. The stock has a market capitalization of $16.45 billion, a P/E ratio of 22.95, a P/E/G ratio of 2.01 and a beta of 1.41. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The firm's fifty day simple moving average is $72.52 and its 200 day simple moving average is $71.70. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.81 earnings per share. Equities research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.77%. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

Analysts Set New Price Targets

TPR has been the subject of a number of analyst reports. UBS Group lifted their price objective on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Guggenheim boosted their price objective on Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a report on Friday, February 7th. JPMorgan Chase & Co. boosted their target price on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Telsey Advisory Group restated an "outperform" rating and set a $92.00 target price on shares of Tapestry in a research report on Friday, May 9th. Finally, Robert W. Baird increased their target price on Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $83.89.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the transaction, the vice president now owns 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction dated 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 transaction, the chief executive officer now owns 116,062 shares in the company, valued at $9,447,446.80. This trade 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 corporate insiders.

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.