Fiera Capital Corp Cuts Position in Tapestry, Inc. (NYSE:TPR)

Key Points

• Fiera Capital Corp significantly reduced its stake in Tapestry, Inc. by 63.4%, selling 864,481 shares during the first quarter, leaving them with 498,572 shares valued at approximately $35 million.
• Institutional investors now hold 90.77% of Tapestry's stock, with major acquisitions from firms such as Southpoint Capital Advisors and Price T. Rowe Associates.
• Analysts have raised their price targets for Tapestry, with estimates ranging from $73.00 to $145.00, signaling a consensus rating of “Moderate Buy” from a majority of investment analysts.

Fiera Capital Corp cut its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 63.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 498,572 shares of the luxury accessories retailer's stock after selling 864,481 shares during the period. Fiera Capital Corp owned 0.24% of Tapestry worth $35,104,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Ameriprise Financial Inc. lifted its stake in Tapestry by 4.8% during the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock valued at $527,799,000 after acquiring an additional 370,784 shares during the period. Geode Capital Management LLC grew its position in Tapestry by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock worth $376,247,000 after purchasing an additional 176,717 shares during the period. Alliancebernstein L.P. raised its stake in shares of Tapestry by 15.2% during the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock valued at $270,304,000 after buying an additional 546,497 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Tapestry by 3.0% in the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock worth $183,909,000 after buying an additional 83,222 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Tapestry by 593.3% during 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 acquiring an additional 1,875,753 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TPR has been the subject of several recent analyst reports. Raymond James Financial restated an "outperform" rating and issued a $115.00 price target (up previously from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Citigroup boosted their price objective on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Telsey Advisory Group reaffirmed an "outperform" rating and set a $92.00 target price on shares of Tapestry in a research note on Friday, May 9th. Barclays reiterated an "overweight" rating and set a $105.00 target price (up previously from $98.00) on shares of Tapestry in a research report on Friday, July 11th. Finally, TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target for the company in a report on Thursday, June 12th. Four analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $97.56.

Tapestry Stock Down 2.4%

Shares of NYSE:TPR traded down $2.61 during trading on Friday, hitting $105.42. The company's stock had a trading volume of 807,762 shares, compared to its average volume of 4,896,057. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. The company has a market capitalization of $21.90 billion, a PE ratio of 27.70, a P/E/G ratio of 2.18 and a beta of 1.47. The business has a 50 day moving average price of $90.42 and a two-hundred day moving average price of $79.92. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $110.44.

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

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is currently 36.84%.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the transaction, the vice president directly owned 40,922 shares of the company's stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the business's 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 owned 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. Insiders own 1.18% of the company's stock.

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.