Lee Danner & Bass Inc. Has $1.99 Million Holdings in Tapestry, Inc. (NYSE:TPR)

Lee Danner & Bass Inc. decreased its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 12.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 28,229 shares of the luxury accessories retailer's stock after selling 3,966 shares during the period. Lee Danner & Bass Inc.'s holdings in Tapestry were worth $1,988,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Ameriprise Financial Inc. raised its position in shares of 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 last quarter. Geode Capital Management LLC increased its position in shares of Tapestry by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock valued at $376,247,000 after buying an additional 176,717 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Tapestry by 15.2% in 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 in the last quarter. Northern Trust Corp increased its position in shares of Tapestry by 3.0% in the 4th quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock valued at $183,909,000 after buying an additional 83,222 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Tapestry by 593.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock valued at $143,198,000 after buying an additional 1,875,753 shares in the last quarter. Institutional investors own 90.77% of the company's stock.

Tapestry Stock Performance

NYSE:TPR traded up $2.28 during mid-day trading on Monday, hitting $92.48. The stock had a trading volume of 4,916,930 shares, compared to its average volume of 4,351,216. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $92.58. The stock has a market cap of $19.21 billion, a price-to-earnings ratio of 24.34, a PEG ratio of 1.86 and a beta of 1.47. The company's 50 day simple moving average is $81.09 and its 200 day simple moving average is $75.42. 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 issued its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.14. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the business posted $0.81 EPS. Tapestry's revenue was up 6.9% on a year-over-year basis. On average, equities research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.51%. Tapestry's dividend payout ratio (DPR) is currently 36.84%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TPR. Argus upped their price objective on shares of Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. UBS Group upped their price objective on shares of Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Wall Street Zen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 target price for the company in a report on Thursday, May 8th. Finally, Telsey Advisory Group reiterated an "outperform" rating and set a $92.00 target price on shares of Tapestry in a report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $88.78.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, 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 trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction that occurred 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 owned 116,062 shares of the company's stock, valued at $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.