Two Sigma Advisers LP Reduces Stock Position in Tapestry, Inc. (NYSE:TPR)

Two Sigma Advisers LP cut its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 87.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,800 shares of the luxury accessories retailer's stock after selling 476,700 shares during the period. Two Sigma Advisers LP's holdings in Tapestry were worth $4,495,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Greenline Partners LLC bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $29,000. Coppell Advisory Solutions LLC raised its stake in shares of Tapestry by 40.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after buying an additional 150 shares in the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock worth $38,000 after acquiring an additional 252 shares during the period. Canada Post Corp Registered Pension Plan bought a new position in shares of Tapestry during the 4th quarter worth about $48,000. Finally, Brown Brothers Harriman & Co. boosted its position in shares of Tapestry by 1,792.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer's stock valued at $78,000 after acquiring an additional 1,129 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Tapestry

In related news, VP Manesh Dadlani sold 1,399 shares of the company's stock in a transaction on Monday, May 12th. The shares were 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 now directly owns 40,922 shares in the company, valued at $3,350,693.36. This represents a 3.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 completion of the sale, the chief executive officer now directly owns 116,062 shares in the company, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

Analysts Set New Price Targets

TPR has been the subject of a number of analyst reports. Robert W. Baird lifted their price objective on Tapestry from $93.00 to $100.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. 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. Barclays boosted their target price on Tapestry from $83.00 to $98.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Telsey Advisory Group reaffirmed an "outperform" rating and set a $92.00 price target on shares of Tapestry in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. boosted their price objective on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.89.

Tapestry Stock Up 0.3%

TPR traded up $0.20 during mid-day trading on Friday, reaching $78.64. 352,623 shares of the stock were exchanged, compared to its average volume of 4,241,484. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The stock has a market capitalization of $16.33 billion, a PE ratio of 22.85, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. The company has a 50 day moving average price of $71.89 and a two-hundred day moving average price of $70.87.

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, topping analysts' consensus estimates of $0.89 by $0.14. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the company posted $0.81 earnings per share. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. As a group, research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Investors 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 1.78%. Tapestry's dividend payout ratio is presently 36.84%.

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.