Tapestry, Inc. (NYSE:TPR) Stake Reduced by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC trimmed its stake in Tapestry, Inc. (NYSE:TPR) by 3.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 54,670 shares of the luxury accessories retailer’s stock after selling 2,244 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Tapestry were worth $3,572,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of TPR. Charles Schwab Investment Management Inc. increased its holdings in shares of 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 worth $522,471,000 after acquiring an additional 382,856 shares during the period. Geode Capital Management LLC increased its stake in shares of Tapestry by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after purchasing an additional 80,681 shares during the period. Allianz Asset Management GmbH raised its holdings in shares of Tapestry by 16.4% during the fourth quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock valued at $138,596,000 after buying an additional 298,409 shares during the last quarter. Norges Bank acquired a new position in shares of Tapestry during the fourth quarter worth approximately $114,199,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Tapestry by 8.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,414,618 shares of the luxury accessories retailer’s stock worth $66,459,000 after buying an additional 115,340 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on TPR shares. JPMorgan Chase & Co. lifted their target price on Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Barclays raised their target price on shares of Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Wells Fargo & Company increased their price objective on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Morgan Stanley reiterated an “equal weight” rating and set a $65.00 price objective on shares of Tapestry in a research note on Tuesday, January 21st. Finally, Redburn Atlantic upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price for the company in a research report on Tuesday, February 18th. Six 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.com, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Tapestry Stock Performance

Shares of TPR opened at $70.25 on Monday. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The company has a 50-day moving average of $77.65 and a two-hundred day moving average of $63.09. 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 stock has a market cap of $14.54 billion, a price-to-earnings ratio of 20.36, a PEG ratio of 2.01 and a beta of 1.57.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping the consensus estimate 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 previous year, the business posted $1.63 EPS. On average, equities research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry’s dividend payout ratio is currently 40.58%.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction on Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the sale, the chief executive officer now owns 201,531 shares of the company’s stock, valued at $17,652,100.29. This trade represents a 3.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the transaction, the general counsel now owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is currently owned by company 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.