City Center Advisors LLC Decreases Position in Tapestry, Inc. (NYSE:TPR)

City Center Advisors LLC lessened its holdings in Tapestry, Inc. (NYSE:TPR) by 47.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,032 shares of the luxury accessories retailer’s stock after selling 3,572 shares during the period. City Center Advisors LLC’s holdings in Tapestry were worth $284,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TPR. Greenline Partners LLC purchased a new stake in shares of Tapestry during the 4th quarter worth $29,000. Coppell Advisory Solutions LLC lifted its position in shares of Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after purchasing an additional 150 shares during the last quarter. Venturi Wealth Management LLC lifted its position in shares of Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after purchasing an additional 252 shares during the last quarter. Canada Post Corp Registered Pension Plan purchased a new stake in shares of Tapestry during the 4th quarter worth $48,000. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of Tapestry by 25.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer’s stock worth $68,000 after purchasing an additional 194 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

TPR has been the subject of several recent analyst reports. Citigroup lifted their price objective 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. Wall Street Zen raised shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Tuesday, May 13th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $92.00 price objective on shares of Tapestry in a research report on Friday, May 9th. Wells Fargo & Company reiterated an “overweight” rating and set a $100.00 price target (up from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. Finally, The Goldman Sachs Group lifted their price target on shares of Tapestry from $84.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Tapestry has an average rating of “Moderate Buy” and a consensus target price of $83.89.

Tapestry Trading Down 0.3%

NYSE TPR opened at $79.00 on Friday. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The firm has a market cap of $16.41 billion, a PE ratio of 22.90, a P/E/G ratio of 2.01 and a beta of 1.46. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The firm’s fifty day moving average is $72.64 and its two-hundred day moving average is $71.97.

Tapestry (NYSE:TPR) last posted its quarterly earnings data 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 company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. Tapestry’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.81 earnings per share. Analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 1.77%. Tapestry’s dividend payout ratio is presently 36.84%.

Insider Buying and Selling at Tapestry

In other news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the sale, the chief executive officer now owns 116,062 shares of the company’s stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the completion of the sale, the vice president now directly owns 40,922 shares in the company, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by company 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.