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Tapestry, Inc. (NYSE:TPR) Shares Sold by TD Asset Management Inc

Tapestry logo with Retail/Wholesale background

Key Points

  • TD Asset Management Inc reduced its stake in Tapestry, Inc. by 50.3% in the 1st quarter, now holding 40,455 shares valued at approximately $2.85 million.
  • Multiple brokerages have upgraded Tapestry, with Cowen upgrading to a "buy" rating, and an average target price of $97.56, indicating strong institutional interest.
  • Tapestry recently announced a quarterly dividend of $0.35, reflecting an annualized payout of $1.40 and a dividend yield of 1.3%.
  • Five stocks we like better than Tapestry.

TD Asset Management Inc reduced its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 50.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,455 shares of the luxury accessories retailer's stock after selling 40,950 shares during the quarter. TD Asset Management Inc's holdings in Tapestry were worth $2,848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of TPR. Southpoint Capital Advisors LP purchased a new stake in shares of Tapestry during the 4th quarter valued at about $130,660,000. Price T Rowe Associates Inc. MD raised its holdings in 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 valued at $143,198,000 after buying an additional 1,875,753 shares during the period. Point72 Asset Management L.P. purchased a new position in Tapestry during the fourth quarter worth $101,433,000. Candlestick Capital Management LP purchased a new stake in shares of Tapestry in the fourth quarter valued at $66,902,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Tapestry during the 4th quarter worth about $65,751,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Tapestry Stock Performance

Shares of TPR stock traded up $5.55 during mid-day trading on Monday, reaching $111.86. The stock had a trading volume of 4,247,157 shares, compared to its average volume of 4,919,965. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $111.93. The firm has a market cap of $23.23 billion, a price-to-earnings ratio of 29.44, a PEG ratio of 2.14 and a beta of 1.51. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The business's fifty day moving average is $91.01 and its 200-day moving average is $80.35.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. Tapestry's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.81 EPS. On average, research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

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

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the transaction, the vice president directly owned 40,922 shares of the company's stock, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the transaction, the chief executive officer directly owned 116,062 shares of the company's stock, valued at approximately $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 owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on TPR shares. Wells Fargo & Company reiterated an "overweight" rating and issued a $100.00 target price (up previously from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a research report on Thursday, June 12th. The Goldman Sachs Group lifted their price objective on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a report on Friday, May 9th. Morgan Stanley increased their price objective on shares of Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a research note on Friday. Finally, JPMorgan Chase & Co. boosted their price target on Tapestry from $104.00 to $145.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Four research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $99.72.

Get Our Latest Stock Analysis on TPR

Tapestry Profile

(Free Report)

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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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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