Tabor Asset Management LP Reduces Stock Position in Tapestry, Inc. (NYSE:TPR)

Tabor Asset Management LP trimmed its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 21.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 65,155 shares of the luxury accessories retailer's stock after selling 18,130 shares during the period. Tapestry accounts for about 1.2% of Tabor Asset Management LP's investment portfolio, making the stock its 25th biggest holding. Tabor Asset Management LP's holdings in Tapestry were worth $4,588,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Curat Global LLC purchased a new stake in Tapestry during the first quarter valued at approximately $382,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Tapestry in the first quarter valued at about $1,708,000. Nisa Investment Advisors LLC lifted its position in shares of Tapestry by 16.7% during the first quarter. Nisa Investment Advisors LLC now owns 63,342 shares of the luxury accessories retailer's stock worth $4,460,000 after purchasing an additional 9,049 shares in the last quarter. Abacus FCF Advisors LLC lifted its position in shares of Tapestry by 46.2% during the fourth quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer's stock worth $2,972,000 after purchasing an additional 14,384 shares in the last quarter. Finally, Summit Global Investments acquired a new stake in Tapestry in the fourth quarter valued at approximately $1,919,000. Institutional investors own 90.77% of the company's stock.

Tapestry Trading Up 2.5%

NYSE:TPR traded up $2.54 during trading hours on Monday, hitting $105.96. The stock had a trading volume of 385,069 shares, compared to its average volume of 4,412,132. Tapestry, Inc. has a one year low of $35.23 and a one year high of $106.12. The business's 50 day moving average is $85.74 and its 200-day moving average is $77.55. The company has a market cap of $22.01 billion, a price-to-earnings ratio of 27.84, a P/E/G ratio of 2.14 and a beta of 1.47. 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, beating 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 for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the company earned $0.81 EPS. Tapestry's quarterly revenue was up 6.9% compared to the same quarter last year. Sell-side analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were issued a dividend of $0.35 per share. The ex-dividend date was Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.32%. Tapestry's payout ratio is 36.84%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. The Goldman Sachs Group upped their price target on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, May 9th. 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. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $92.00 price target on shares of Tapestry in a research report on Friday, May 9th. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective on the stock in a report on Thursday, June 12th. Finally, Barclays reiterated an "overweight" rating and issued a $105.00 price objective (up previously from $98.00) on shares of Tapestry in a research report on Friday, July 11th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, Tapestry presently has a consensus rating of "Moderate Buy" and an average price target of $89.17.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of the 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 sale, the vice president owned 40,922 shares in the company, valued at $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 sale, the chief executive officer directly owned 116,062 shares of the company's stock, valued at $9,447,446.80. The trade was 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 company insiders.

Tapestry Company 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.

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