Nuveen Asset Management LLC Lowers Holdings in Tapestry, Inc. (NYSE:TPR)

Nuveen Asset Management LLC trimmed its holdings in Tapestry, Inc. (NYSE:TPR) by 2.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 706,988 shares of the luxury accessories retailer’s stock after selling 20,646 shares during the period. Nuveen Asset Management LLC owned about 0.30% of Tapestry worth $46,188,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in TPR. Park Avenue Securities LLC lifted its position in shares of Tapestry by 31.5% in the fourth quarter. Park Avenue Securities LLC now owns 9,572 shares of the luxury accessories retailer’s stock valued at $625,000 after acquiring an additional 2,294 shares in the last quarter. Ritholtz Wealth Management lifted its position in shares of Tapestry by 28.2% in the fourth quarter. Ritholtz Wealth Management now owns 12,680 shares of the luxury accessories retailer’s stock valued at $828,000 after acquiring an additional 2,793 shares in the last quarter. Merit Financial Group LLC purchased a new position in shares of Tapestry in the fourth quarter valued at about $797,000. UMB Bank n.a. lifted its position in shares of Tapestry by 72.9% in the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after buying an additional 496 shares in the last quarter. Finally, Capricorn Fund Managers Ltd purchased a new stake in shares of Tapestry in the fourth quarter worth about $3,905,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Trading Down 0.7%

TPR opened at $82.28 on Tuesday. The stock has a market cap of $17.09 billion, a price-to-earnings ratio of 23.85, a P/E/G ratio of 2.01 and a beta of 1.41. The stock’s 50 day moving average price is $70.74 and its 200-day moving average price is $69.54. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.14. The firm had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. On average, equities analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Investors 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 yield of 1.70%. Tapestry’s dividend payout ratio (DPR) is currently 36.84%.

Analysts Set New Price Targets

A number of research firms recently commented on TPR. Jefferies Financial Group boosted their target price on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Tuesday, May 13th. Citigroup boosted their target price on Tapestry from $81.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Wells Fargo & Company reiterated an “overweight” rating and issued a $100.00 target price (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Finally, Morgan Stanley upgraded Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 target price on the stock in a research report on Thursday, May 8th. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $83.89.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 7,786 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the transaction, the chief executive officer now owns 201,531 shares of the company’s stock, valued at $17,652,100.29. This represents a 3.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was 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 owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. This represents a 14.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 107,936 shares of company stock valued at $9,101,139 over the last quarter. 1.18% of the stock is owned by corporate insiders.

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.