Hsbc Holdings PLC Reduces Holdings in Tapestry, Inc. (NYSE:TPR)

Hsbc Holdings PLC reduced its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 62.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 233,593 shares of the luxury accessories retailer's stock after selling 386,286 shares during the quarter. Hsbc Holdings PLC owned about 0.10% of Tapestry worth $15,264,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Venturi Wealth Management LLC increased its position in shares of Tapestry by 78.0% during the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock worth $38,000 after purchasing an additional 252 shares in the last quarter. Canada Post Corp Registered Pension Plan purchased a new stake in Tapestry in the fourth quarter valued at approximately $48,000. UMB Bank n.a. lifted its stake in Tapestry by 72.9% in the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer's stock valued at $77,000 after buying an additional 496 shares during the last quarter. Brown Brothers Harriman & Co. boosted its holdings in shares of Tapestry by 1,792.1% in the fourth 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 during the period. Finally, Atlas Capital Advisors Inc. grew its position in shares of Tapestry by 527.2% during the fourth quarter. Atlas Capital Advisors Inc. now owns 1,267 shares of the luxury accessories retailer's stock worth $83,000 after acquiring an additional 1,065 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Telsey Advisory Group upped their price target on shares of Tapestry from $74.00 to $83.00 and gave the company an "outperform" rating in a research report on Monday, February 3rd. JPMorgan Chase & Co. increased their target price on shares of Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Robert W. Baird boosted their price target on Tapestry from $93.00 to $100.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. Citigroup reduced their price objective on Tapestry from $95.00 to $81.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. 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. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and an average price target of $78.26.

Insider Buying and Selling at Tapestry

In other news, CEO Todd Kahn sold 21,107 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the completion of the transaction, the chief executive officer now directly owns 176,985 shares of the company's stock, valued at $14,866,740. This trade represents a 10.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the transaction, the chief financial officer now owns 146,587 shares of the company's stock, valued at $12,688,570.72. This represents a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,537 shares of company stock valued at $5,730,589. Insiders own 1.18% of the company's stock.

Tapestry Stock Up 0.8 %

Shares of NYSE TPR opened at $68.82 on Monday. The stock has a market capitalization of $14.25 billion, a price-to-earnings ratio of 19.95, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The firm has a 50-day moving average price of $72.15 and a 200 day moving average price of $66.14. 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, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter in the prior year, the business posted $1.63 earnings per share. Equities research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.03%. The ex-dividend date was Thursday, March 6th. Tapestry's dividend payout ratio (DPR) is 40.58%.

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.

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