Principal Financial Group Inc. Decreases Stake in Tapestry, Inc. (NYSE:TPR)

Principal Financial Group Inc. lessened its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 19.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 248,083 shares of the luxury accessories retailer's stock after selling 61,036 shares during the period. Principal Financial Group Inc. owned 0.12% of Tapestry worth $17,468,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in TPR. Greenline Partners LLC acquired a new position in Tapestry during the 4th quarter worth approximately $29,000. Coppell Advisory Solutions LLC increased its position in Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after purchasing an additional 150 shares during the period. Opal Wealth Advisors LLC acquired a new position in Tapestry during the 1st quarter worth approximately $35,000. MorganRosel Wealth Management LLC acquired a new position in Tapestry during the 1st quarter worth approximately $35,000. Finally, Canada Post Corp Registered Pension Plan purchased a new stake in shares of Tapestry during the 4th quarter worth approximately $48,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 1,399 shares of the company'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 completion of the sale, the vice president directly owned 40,922 shares in the company, valued at $3,350,693.36. This represents a 3.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Todd Kahn sold 40,000 shares of the stock in a transaction 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 owned 116,062 shares of the company's stock, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on TPR. Morgan Stanley raised Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target on the stock in a research note on Thursday, May 8th. The Goldman Sachs Group boosted their price target on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Citigroup boosted their price target on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Barclays boosted their price target on Tapestry from $98.00 to $105.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, UBS Group boosted their price target on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and an average target price of $89.17.

Tapestry Trading Up 0.9%

TPR traded up $0.86 during trading on Friday, hitting $98.50. The company's stock had a trading volume of 3,107,982 shares, compared to its average volume of 4,388,305. The firm's 50 day moving average price is $83.08 and its 200-day moving average price is $76.21. 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 stock has a market cap of $20.46 billion, a PE ratio of 25.92, a PEG ratio of 2.03 and a beta of 1.47. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $98.65.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The business's revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.81 EPS. On average, analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.42%. Tapestry's payout ratio is 36.84%.

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.