Tapestry, Inc. (NYSE:TPR) Shares Sold by Lee Danner & Bass Inc.

Lee Danner & Bass Inc. decreased its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 12.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Southpoint Capital Advisors LP bought a new position in shares of Tapestry during the 4th quarter worth $130,660,000. Price T Rowe Associates Inc. MD grew its position in shares of Tapestry by 593.3% during the 4th 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 buying an additional 1,875,753 shares in the last quarter. Norges Bank bought a new position in shares of Tapestry during the 4th quarter worth $114,199,000. Point72 Asset Management L.P. bought a new position in shares of Tapestry during the 4th quarter worth $101,433,000. Finally, Candlestick Capital Management LP bought a new position in shares of Tapestry during the 4th quarter worth $66,902,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analysts Set New Price Targets

TPR has been the topic of a number of recent research reports. The Goldman Sachs Group raised their price objective on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Telsey Advisory Group reiterated an "outperform" rating and issued a $92.00 price target on shares of Tapestry in a research note on Friday, May 9th. Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Thursday, June 12th. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target for the company in a research note on Thursday, June 12th. Finally, Citigroup increased their price target on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to MarketBeat.com, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.78.

Tapestry Price Performance

Shares of NYSE:TPR traded up $2.93 during trading on Wednesday, reaching $95.14. The stock had a trading volume of 5,175,208 shares, compared to its average volume of 5,047,375. The business has a fifty day moving average price of $81.53 and a 200-day moving average price of $75.54. The stock has a market cap of $19.76 billion, a PE ratio of 25.04, a PEG ratio of 1.91 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, Inc. has a 1-year low of $35.23 and a 1-year high of $95.60.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion for 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 company's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 earnings per share. On average, equities analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders 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 yield of 1.47%. Tapestry's dividend payout ratio (DPR) is 36.84%.

Insider Activity

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction dated 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 in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Manesh Dadlani sold 1,399 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.88, for a total value 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 represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is 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.