Wellington Management Group LLP Lowers Stake in Tapestry, Inc. (NYSE:TPR)

Wellington Management Group LLP trimmed its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 11.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 158,687 shares of the luxury accessories retailer's stock after selling 21,213 shares during the quarter. Wellington Management Group LLP owned approximately 0.08% of Tapestry worth $10,367,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Southpoint Capital Advisors LP bought a new position in shares of Tapestry during the fourth quarter worth $130,660,000. Price T Rowe Associates Inc. MD increased its holdings in 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 acquiring an additional 1,875,753 shares during the last quarter. Norges Bank purchased a new stake in Tapestry in the 4th quarter worth $114,199,000. Point72 Asset Management L.P. bought a new position in shares of Tapestry during the 4th quarter valued at about $101,433,000. Finally, Candlestick Capital Management LP bought a new position in shares of Tapestry during the 4th quarter valued at about $66,902,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 1,399 shares of Tapestry 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 completion of the sale, the vice president now directly owns 40,922 shares in the company, valued at $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 completion of the sale, the chief executive officer now directly owns 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. Corporate insiders own 1.18% of the company's stock.

Analysts Set New Price Targets

TPR has been the topic of a number of research analyst reports. Wells Fargo & Company reiterated an "overweight" rating and issued a $100.00 target price (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Citigroup increased their target price 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 restated an "outperform" rating and issued a $92.00 price target on shares of Tapestry in a research report on Friday, May 9th. JPMorgan Chase & Co. upped their price target on shares of Tapestry from $88.00 to $104.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Finally, Raymond James reiterated an "outperform" rating and set a $85.00 price objective (up previously from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $83.89.

Tapestry Trading Up 1.1%

Shares of NYSE:TPR traded up $0.86 during trading hours on Thursday, hitting $79.18. 2,795,349 shares of the company's stock traded hands, compared to its average volume of 4,252,433. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The business has a fifty day moving average price of $72.34 and a 200-day moving average price of $71.54. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. The firm has a market capitalization of $16.45 billion, a P/E ratio of 22.95, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The company had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter in the previous year, the business earned $0.81 EPS. Tapestry's revenue was up 6.9% compared to the same quarter last year. Equities analysts expect 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 will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be paid a $0.35 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.77%. Tapestry's dividend payout ratio is currently 36.84%.

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.