Todd Asset Management LLC Reduces Position in Tapestry, Inc. (NYSE:TPR)

Key Points

• Todd Asset Management LLC reduced its stake in Tapestry, Inc. by 19.9% during the first quarter, now owning 566,654 shares valued at approximately $39.9 million.
• Tapestry posted $1.03 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $0.89 EPS and showing a revenue increase of 6.9% year-over-year.
• Analysts have diverse ratings on Tapestry, with a current average rating of "Moderate Buy" and an average price target of $99.72, reflecting varying outlooks on the company's stock performance.

Todd Asset Management LLC reduced its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 19.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 566,654 shares of the luxury accessories retailer's stock after selling 140,389 shares during the period. Todd Asset Management LLC owned 0.27% of Tapestry worth $39,898,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in TPR. Harbour Investments Inc. boosted its stake in shares of Tapestry by 120.1% during the first 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 acquired a new stake in shares of Tapestry during the fourth quarter worth $29,000. Coppell Advisory Solutions LLC lifted its stake in shares of Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after buying an additional 150 shares during the period. Opal Wealth Advisors LLC acquired a new stake in shares of Tapestry during the first quarter worth $35,000. Finally, MorganRosel Wealth Management LLC acquired a new stake in shares of Tapestry during the first quarter worth $35,000. 90.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on TPR shares. Telsey Advisory Group reissued an "outperform" rating and set a $125.00 target price (up previously from $92.00) on shares of Tapestry in a report on Monday. Wall Street Zen lowered shares of Tapestry from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Barclays reiterated an "overweight" rating and issued a $105.00 target price (up previously from $98.00) on shares of Tapestry in a research report on Friday, July 11th. Raymond James Financial restated an "outperform" rating and set a $115.00 price target (up from $85.00) on shares of Tapestry in a research report on Tuesday, July 22nd. Finally, Morgan Stanley boosted their price target on shares of Tapestry from $90.00 to $115.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Four research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $101.56.

Tapestry Trading Up 2.8%

Shares of Tapestry stock traded up $2.97 on Tuesday, reaching $110.93. The company had a trading volume of 3,803,535 shares, compared to its average volume of 3,995,746. The firm's 50 day moving average price is $95.40 and its two-hundred day moving average price is $82.11. The firm has a market cap of $23.04 billion, a PE ratio of 29.19, a PEG ratio of 2.18 and a beta of 1.51. Tapestry, Inc. has a 52-week low of $37.47 and a 52-week high of $113.08. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76.

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.