Tapestry, Inc. (NYSE:TPR) Short Interest Update

Tapestry, Inc. (NYSE:TPR - Get Free Report) was the recipient of a large decrease in short interest in May. As of May 15th, there was short interest totalling 12,550,000 shares, a decrease of 18.0% from the April 30th total of 15,300,000 shares. Based on an average daily volume of 5,740,000 shares, the short-interest ratio is presently 2.2 days. Currently, 6.1% of the shares of the company are short sold.

Insiders Place Their Bets

In related news, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction on Monday, May 12th. The stock was 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 $9,447,446.80. This represents a 25.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president now directly owns 40,922 shares in the company, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

Institutional Investors Weigh In On Tapestry

Several large investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its position in shares of Tapestry by 4.8% in the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock valued at $527,799,000 after purchasing an additional 370,784 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock valued at $522,471,000 after buying an additional 382,856 shares in the last quarter. Geode Capital Management LLC raised its holdings in Tapestry by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock valued at $376,247,000 after acquiring an additional 176,717 shares during the period. Alliancebernstein L.P. lifted its position in shares of Tapestry by 15.2% during the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock worth $270,304,000 after acquiring an additional 546,497 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Tapestry by 3.0% in the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock worth $183,909,000 after acquiring an additional 83,222 shares during the period. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on TPR shares. UBS Group lifted their price objective on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Robert W. Baird increased their price objective 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. Citigroup upped their price target on shares of Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Morgan Stanley raised Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective for the company in a research report on Thursday, May 8th. Finally, JPMorgan Chase & Co. raised their target price on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Four investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $83.89.

Tapestry Stock Down 0.4%

NYSE:TPR traded down $0.31 during trading hours on Wednesday, hitting $78.39. 2,468,711 shares of the company traded hands, compared to its average volume of 4,258,260. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The company has a market cap of $16.28 billion, a PE ratio of 22.72, a PEG ratio of 2.01 and a beta of 1.41. The firm's 50-day simple moving average is $72.18 and its 200-day simple moving average is $71.49. Tapestry has a one year low of $35.23 and a one year high of $90.85.

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

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.79%. Tapestry's payout ratio is presently 36.84%.

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.