Two Sigma Investments LP Trims Holdings in Tapestry, Inc. (NYSE:TPR)

Two Sigma Investments LP trimmed its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 72.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 75,685 shares of the luxury accessories retailer's stock after selling 202,740 shares during the period. Two Sigma Investments LP's holdings in Tapestry were worth $4,945,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Ameriprise Financial Inc. lifted its position in Tapestry by 4.8% in the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock valued at $527,799,000 after acquiring an additional 370,784 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Tapestry by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock valued at $522,471,000 after purchasing an additional 382,856 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Tapestry by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock valued at $376,247,000 after buying an additional 176,717 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Tapestry by 15.2% during the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock worth $270,304,000 after buying an additional 546,497 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Tapestry by 3.0% during the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock worth $183,909,000 after buying an additional 83,222 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on TPR shares. 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. UBS Group boosted their price target on shares of Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Raymond James reaffirmed an "outperform" rating and issued a $85.00 price objective (up from $74.00) on shares of Tapestry in a research report on Friday, May 9th. JPMorgan Chase & Co. lifted their target price on shares of Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Finally, Redburn Atlantic upgraded Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 target price on the stock in a research note on Tuesday, February 18th. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and a consensus target price of $83.89.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the firm's 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 transaction, the vice president now owns 40,922 shares in the company, valued at $3,350,693.36. This trade represents a 3.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the sale, the chief executive officer now owns 116,062 shares in the company, valued at approximately $9,447,446.80. This 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.

Tapestry Stock Performance

TPR traded up $0.03 during trading hours on Friday, hitting $78.47. The stock had a trading volume of 2,869,991 shares, compared to its average volume of 4,262,147. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. The company's fifty day simple moving average is $71.96 and its 200 day simple moving average is $71.29. The stock has a market cap of $16.30 billion, a PE ratio of 22.74, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78.

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

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Friday, June 6th. Tapestry's 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.