Tapestry, Inc. (NYSE:TPR) Shares Sold by Poplar Forest Capital LLC

Poplar Forest Capital LLC reduced its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 26.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 200,987 shares of the luxury accessories retailer's stock after selling 72,352 shares during the period. Tapestry makes up 2.5% of Poplar Forest Capital LLC's holdings, making the stock its 18th biggest position. Poplar Forest Capital LLC owned 0.10% of Tapestry worth $14,151,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Curat Global LLC acquired a new position in Tapestry in the first quarter valued at about $382,000. China Universal Asset Management Co. Ltd. acquired a new stake in Tapestry in the first quarter valued at approximately $1,708,000. Nisa Investment Advisors LLC increased its stake in Tapestry by 16.7% in the first quarter. Nisa Investment Advisors LLC now owns 63,342 shares of the luxury accessories retailer's stock valued at $4,460,000 after purchasing an additional 9,049 shares during the last quarter. Abacus FCF Advisors LLC increased its stake in Tapestry by 46.2% in the fourth quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer's stock valued at $2,972,000 after purchasing an additional 14,384 shares during the last quarter. Finally, Allworth Financial LP grew its position in shares of Tapestry by 689.0% during the first quarter. Allworth Financial LP now owns 13,374 shares of the luxury accessories retailer's stock worth $913,000 after acquiring an additional 11,679 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Trading Up 0.0%

NYSE:TPR opened at $106.45 on Wednesday. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $107.40. The stock has a market cap of $22.11 billion, a price-to-earnings ratio of 28.01, a PEG ratio of 2.20 and a beta of 1.47. The business has a fifty day moving average of $86.67 and a 200-day moving average of $78.02. 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 announced its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter last year, the business posted $0.81 earnings per share. The company's quarterly revenue was up 6.9% on a year-over-year basis. Equities analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have commented on TPR shares. Wells Fargo & Company reissued an "overweight" rating and issued a $100.00 target price (up previously from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a research report on Thursday, June 12th. Citigroup lifted their price target on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a report on Friday, May 9th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target for the company in a report on Thursday, May 8th. Finally, 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 report on Tuesday. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $90.83.

Insider Activity

In other news, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $3,350,693.36. This trade represents a 3.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.40, for a total value 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. This trade represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently 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.

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