Charles Schwab Investment Management Inc. Sells 6,064,110 Shares of Tapestry, Inc. (NYSE:TPR)

Charles Schwab Investment Management Inc. reduced its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 75.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,933,304 shares of the luxury accessories retailer's stock after selling 6,064,110 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.93% of Tapestry worth $136,124,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Harbour Investments Inc. grew its position in shares of Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after purchasing an additional 197 shares in the last quarter. Greenline Partners LLC bought a new stake in shares of Tapestry during the 4th quarter worth $29,000. MorganRosel Wealth Management LLC bought a new stake in shares of Tapestry during the 1st quarter worth $35,000. Opal Wealth Advisors LLC bought a new stake in shares of Tapestry during the 1st quarter worth $35,000. Finally, Coppell Advisory Solutions LLC lifted its holdings in shares of Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after acquiring an additional 150 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TPR. Argus lifted their price objective on shares of Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $100.00 price objective (up from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Telsey Advisory Group reaffirmed an "outperform" rating and set a $125.00 price objective (up from $92.00) on shares of Tapestry in a report on Monday. Raymond James Financial reaffirmed an "outperform" rating and set a $115.00 price objective (up from $85.00) on shares of Tapestry in a report on Tuesday, July 22nd. Finally, The Goldman Sachs Group boosted their price target on shares of Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $101.56.

Tapestry Trading Up 2.8%

Shares of NYSE:TPR traded up $2.97 during midday trading on Tuesday, hitting $110.93. 3,803,535 shares of the stock traded hands, compared to its average volume of 3,995,746. The stock has a market capitalization of $23.04 billion, a PE ratio of 29.19, a P/E/G ratio of 2.18 and a beta of 1.51. The business's 50 day moving average is $95.40 and its two-hundred day moving average is $82.11. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a one year low of $37.47 and a one year high of $113.08.

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.