Valley Wealth Managers Inc. Sells 132,028 Shares of Tapestry, Inc. (NYSE:TPR)

Key Points

• Valley Wealth Managers Inc. has reduced its stake in Tapestry, Inc. by 32.6%, selling 132,028 shares and retaining 272,911 shares valued at approximately $19.2 million.
• CEO Todd Kahn sold 40,000 shares of Tapestry for over $3.25 million, decreasing his ownership by 25.63%, while analysts project a consensus price target of $90.83 for the stock.
• Tapestry reported a year-over-year revenue increase of 6.9% with earnings per share of $1.03, surpassing market expectations, and declared a quarterly dividend of $0.35.

Valley Wealth Managers Inc. lessened its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 32.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 272,911 shares of the luxury accessories retailer's stock after selling 132,028 shares during the period. Valley Wealth Managers Inc. owned approximately 0.13% of Tapestry worth $19,216,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in TPR. Coppell Advisory Solutions LLC increased its stake in Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after acquiring an additional 150 shares during the last quarter. Private Trust Co. NA boosted its holdings in shares of Tapestry by 27.2% in the 1st quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock worth $50,000 after purchasing an additional 153 shares in the last quarter. Mather Group LLC. boosted its holdings in shares of Tapestry by 2.8% in the 1st quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer's stock worth $424,000 after purchasing an additional 165 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Tapestry by 25.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock valued at $68,000 after purchasing an additional 194 shares during the last quarter. Finally, Apollon Wealth Management LLC raised its holdings in shares of Tapestry by 4.2% during the 1st quarter. Apollon Wealth Management LLC now owns 5,229 shares of the luxury accessories retailer's stock valued at $368,000 after buying an additional 211 shares in the last quarter. Institutional investors own 90.77% of the company's stock.

Insiders Place Their Bets

In related news, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the transaction, the chief executive officer owned 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the completion of the transaction, the vice president directly owned 40,922 shares of the company's stock, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Argus upped their target price on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Thursday, June 12th. UBS Group upped their price objective on shares of Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Citigroup increased their target price on shares of Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Telsey Advisory Group reissued an "outperform" rating and issued a $92.00 price target on shares of Tapestry in a research note on Friday, May 9th. Three analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $90.83.

Tapestry Stock Down 0.1%

NYSE TPR opened at $108.37 on Friday. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $110.22. The stock has a market capitalization of $22.51 billion, a PE ratio of 28.52, a PEG ratio of 2.24 and a beta of 1.47. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The business's 50-day moving average is $88.21 and its 200 day moving average is $78.80.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The business's revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. Sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is currently 36.84%.

Tapestry Company 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.

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