LMR Partners LLP Sells 359,042 Shares of Tapestry, Inc. (NYSE:TPR)

LMR Partners LLP cut its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 94.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 22,068 shares of the luxury accessories retailer's stock after selling 359,042 shares during the period. LMR Partners LLP's holdings in Tapestry were worth $1,442,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of TPR. Coppell Advisory Solutions LLC increased its holdings in 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 in the last quarter. Checchi Capital Advisers LLC boosted its position in Tapestry by 1.9% in the 4th quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer's stock valued at $580,000 after buying an additional 163 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in Tapestry by 0.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer's stock valued at $1,261,000 after buying an additional 170 shares during the last quarter. Parkside Financial Bank & Trust boosted its position in Tapestry by 13.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer's stock valued at $104,000 after buying an additional 182 shares during the last quarter. Finally, E Fund Management Co. Ltd. boosted its position in Tapestry by 1.6% in the 4th quarter. E Fund Management Co. Ltd. now owns 12,744 shares of the luxury accessories retailer's stock valued at $833,000 after buying an additional 200 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on TPR shares. Robert W. Baird upped their price objective on shares of Tapestry from $93.00 to $100.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. Raymond James reaffirmed an "outperform" rating and set a $85.00 price target (up previously from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $100.00 price target (up previously from $90.00) on shares of Tapestry in a research report on Wednesday. Citigroup increased their price target on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, Jefferies Financial Group increased their price target on shares of Tapestry from $80.00 to $83.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $83.89.

Insider Activity

In other Tapestry news, CFO Scott A. Roe sold 25,727 shares of the firm's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the sale, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the company'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 completion of the sale, the chief executive officer now directly owns 116,062 shares in the company, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,936 shares of company stock worth $9,101,139. 1.18% of the stock is owned by corporate insiders.

Tapestry Price Performance

Shares of NYSE TPR traded down $0.47 during mid-day trading on Friday, reaching $82.77. 2,552,671 shares of the company traded hands, compared to its average volume of 4,224,047. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The firm has a market cap of $17.19 billion, a PE ratio of 23.99, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. The stock has a fifty day simple moving average of $70.53 and a 200-day simple moving average of $69.00.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.14. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the business posted $0.81 earnings per share. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. Equities research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.69%. Tapestry's dividend payout ratio is currently 36.84%.

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.