Tapestry, Inc. (NYSE:TPR) Shares Sold by M&T Bank Corp

M&T Bank Corp reduced its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 34.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 50,009 shares of the luxury accessories retailer's stock after selling 26,702 shares during the quarter. M&T Bank Corp's holdings in Tapestry were worth $1,841,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its holdings in shares of Tapestry by 9.8% in the third quarter. Commonwealth Equity Services LLC now owns 39,632 shares of the luxury accessories retailer's stock valued at $1,139,000 after purchasing an additional 3,540 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Tapestry by 30.2% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 12,014 shares of the luxury accessories retailer's stock worth $345,000 after acquiring an additional 2,788 shares during the last quarter. Raymond James & Associates raised its holdings in shares of Tapestry by 83.8% during the 3rd quarter. Raymond James & Associates now owns 492,831 shares of the luxury accessories retailer's stock worth $14,169,000 after acquiring an additional 224,749 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Tapestry by 5.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,509,872 shares of the luxury accessories retailer's stock valued at $72,159,000 after acquiring an additional 122,660 shares during the last quarter. Finally, New York State Teachers Retirement System grew its holdings in shares of Tapestry by 2.0% in the third quarter. New York State Teachers Retirement System now owns 288,385 shares of the luxury accessories retailer's stock valued at $8,291,000 after purchasing an additional 5,527 shares during the period. Hedge funds and other institutional investors own 90.77% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on TPR shares. Evercore ISI upgraded shares of Tapestry from an "in-line" rating to an "outperform" rating and lifted their price target for the company from $30.00 to $50.00 in a research report on Monday, February 5th. JPMorgan Chase & Co. decreased their price target on Tapestry from $56.00 to $54.00 and set an "overweight" rating on the stock in a research note on Friday. Jefferies Financial Group lowered Tapestry from a "buy" rating to a "hold" rating and set a $50.00 price target for the company. in a research report on Thursday, February 29th. The Goldman Sachs Group boosted their price objective on Tapestry from $41.00 to $47.00 and gave the company a "buy" rating in a report on Friday, February 9th. Finally, Telsey Advisory Group restated an "outperform" rating and set a $54.00 target price on shares of Tapestry in a report on Thursday. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $48.71.

Tapestry Stock Performance

Tapestry stock traded down $0.30 during midday trading on Friday, hitting $40.07. 3,601,552 shares of the company's stock were exchanged, compared to its average volume of 3,849,710. The firm's 50 day simple moving average is $43.64 and its 200 day simple moving average is $38.64. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $48.80. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. The stock has a market cap of $9.19 billion, a price-to-earnings ratio of 10.10, a price-to-earnings-growth ratio of 0.81 and a beta of 1.61.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.67 by $0.14. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.50 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The firm's revenue for the quarter was down 2.0% on a year-over-year basis. During the same period last year, the firm earned $0.78 EPS. Equities research analysts predict that Tapestry, Inc. will post 4.23 EPS for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 24th. Shareholders of record on Friday, June 7th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend is Friday, June 7th. Tapestry's dividend payout ratio is presently 35.35%.

Tapestry Company 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.