Tapestry, Inc. (NYSE:TPR) Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has reduced its position in Tapestry, Inc. by 11.1%, selling over 3.1 million shares, leaving them with approximately 25.3 million shares valued at around $1.78 billion.
• Tapestry reported strong quarterly earnings with an EPS of $1.03, surpassing analyst expectations, while also achieving a revenue increase of 6.9% year-over-year.
• Analysts have set new price targets for Tapestry, with estimates ranging from $92.00 to $145.00, indicating a positive outlook on the stock's performance.

Vanguard Group Inc. decreased its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 11.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,296,244 shares of the luxury accessories retailer's stock after selling 3,165,077 shares during the period. Vanguard Group Inc. owned 12.22% of Tapestry worth $1,781,109,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Southpoint Capital Advisors LP bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $130,660,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Tapestry by 593.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock worth $143,198,000 after acquiring an additional 1,875,753 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Tapestry during the 4th quarter worth $101,433,000. Candlestick Capital Management LP purchased a new position in shares of Tapestry during the 4th quarter valued at $66,902,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Tapestry during the 4th quarter valued at $65,751,000. Institutional investors own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TPR. The Goldman Sachs Group boosted their target price on shares of Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Raymond James Financial reaffirmed an "outperform" rating and issued a $115.00 price target (up previously from $85.00) on shares of Tapestry in a report on Tuesday, July 22nd. Wells Fargo & Company reaffirmed an "overweight" rating and set a $100.00 price target (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. UBS Group reaffirmed a "neutral" rating and set a $112.00 price objective (up from $73.00) on shares of Tapestry in a report on Monday, August 4th. Finally, Wall Street Zen cut shares of Tapestry from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $101.56.

Tapestry Stock Performance

TPR stock traded up $2.97 on Tuesday, hitting $110.93. The company's stock had a trading volume of 3,803,535 shares, compared to its average volume of 3,995,746. The stock has a market cap of $23.04 billion, a price-to-earnings ratio of 29.19, a price-to-earnings-growth ratio of 2.18 and a beta of 1.51. The firm has a 50 day moving average of $95.40 and a two-hundred day moving average of $82.11. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a 1 year low of $37.47 and a 1 year high of $113.08.

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.