ZWJ Investment Counsel Inc. Has $7.64 Million Holdings in Tapestry, Inc. (NYSE:TPR)

ZWJ Investment Counsel Inc. lessened its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 22.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 108,557 shares of the luxury accessories retailer's stock after selling 31,914 shares during the quarter. ZWJ Investment Counsel Inc. owned approximately 0.05% of Tapestry worth $7,643,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Greenline Partners LLC bought a new position in Tapestry in the fourth quarter valued at approximately $29,000. Coppell Advisory Solutions LLC lifted 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 purchasing an additional 150 shares during the period. Opal Wealth Advisors LLC bought a new position in shares of Tapestry in the 1st quarter worth $35,000. MorganRosel Wealth Management LLC acquired a new stake in shares of Tapestry during the first quarter worth $35,000. Finally, Canada Post Corp Registered Pension Plan bought a new stake in Tapestry in the fourth quarter valued at about $48,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Activity

In other news, 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 transaction, the chief executive officer owned 116,062 shares in the company, valued at $9,447,446.80. This trade represents a 25.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of the company'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 sale, the vice president owned 40,922 shares in the company, valued at $3,350,693.36. The trade was a 3.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Tapestry Stock Down 0.5%

TPR stock opened at $86.47 on Thursday. 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 stock has a market capitalization of $17.96 billion, a P/E ratio of 22.76, a P/E/G ratio of 1.80 and a beta of 1.47. The business has a 50-day moving average of $79.73 and a 200-day moving average of $74.68. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85.

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

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were paid a $0.35 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.62%. Tapestry's payout ratio is currently 36.84%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on TPR shares. The Goldman Sachs Group raised their target price on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Raymond James Financial reissued an "outperform" rating and set a $85.00 price objective (up previously from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Wells Fargo & Company restated an "overweight" rating and set a $100.00 price objective (up previously from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Argus upped their target price on shares of Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Finally, Wall Street Zen raised shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.78.

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.

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