Kovitz Investment Group Partners LLC Trims Stake in Tapestry, Inc. (NYSE:TPR)

Kovitz Investment Group Partners LLC reduced its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 82.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,351 shares of the luxury accessories retailer's stock after selling 167,725 shares during the period. Kovitz Investment Group Partners LLC's holdings in Tapestry were worth $2,309,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TPR. Coppell Advisory Solutions LLC increased its holdings in Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after buying an additional 150 shares during the last quarter. Venturi Wealth Management LLC increased its holdings in Tapestry by 78.0% during the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock valued at $38,000 after buying an additional 252 shares during the last quarter. Canada Post Corp Registered Pension Plan purchased a new stake in Tapestry during the fourth quarter valued at approximately $48,000. UMB Bank n.a. increased its holdings in Tapestry by 72.9% during 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. Finally, Brown Brothers Harriman & Co. increased its holdings in Tapestry by 1,792.1% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer's stock valued at $78,000 after buying an additional 1,129 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Up 0.5 %

Shares of NYSE TPR opened at $69.21 on Tuesday. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. The firm has a 50-day simple moving average of $71.75 and a two-hundred day simple moving average of $66.31. The company has a market cap of $14.33 billion, a P/E ratio of 20.06, a PEG ratio of 2.01 and a beta of 1.37. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating analysts' consensus estimates of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same quarter in the previous year, the business earned $1.63 EPS. Research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.02%. Tapestry's dividend payout ratio is 40.58%.

Analyst Ratings Changes

A number of equities analysts have weighed in on TPR shares. Robert W. Baird upped their price target on shares of Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Redburn Atlantic upgraded shares of Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price target for the company in a research report on Tuesday, February 18th. Barclays dropped their price target on shares of Tapestry from $100.00 to $83.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. The Goldman Sachs Group dropped their price target on shares of Tapestry from $98.00 to $84.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Raymond James restated an "outperform" rating and set a $88.00 target price (up previously from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $78.26.

Insider Activity

In related news, CEO Todd Kahn sold 21,107 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the completion of the sale, the chief executive officer now owns 176,985 shares in the company, valued at approximately $14,866,740. The trade was a 10.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of the business's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now owns 38,609 shares of the company's stock, valued at $3,397,592. The trade was a 23.59 % decrease in their position. 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. 1.18% of the stock is currently owned by insiders.

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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