Patton Fund Management Inc. Trims Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Patton Fund Management Inc. decreased its stake in Tapestry, Inc. (NYSE:TPR) by 22.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 101,237 shares of the luxury accessories retailer’s stock after selling 29,625 shares during the quarter. Tapestry makes up 1.7% of Patton Fund Management Inc.’s portfolio, making the stock its 11th biggest holding. Patton Fund Management Inc.’s holdings in Tapestry were worth $7,128,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Southpoint Capital Advisors LP purchased a new stake in shares of Tapestry during the fourth quarter worth about $130,660,000. Price T Rowe Associates Inc. MD grew its position in shares of Tapestry by 593.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer’s stock worth $143,198,000 after purchasing an additional 1,875,753 shares in the last quarter. Norges Bank purchased a new stake in shares of Tapestry during the fourth quarter worth about $114,199,000. Point72 Asset Management L.P. purchased a new stake in shares of Tapestry during the fourth quarter worth about $101,433,000. Finally, Candlestick Capital Management LP purchased a new stake in shares of Tapestry during the fourth quarter worth about $66,902,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Trading Up 6.7%

TPR opened at $84.23 on Tuesday. The stock’s fifty day moving average is $74.64 and its two-hundred day moving average is $72.93. The company has a market capitalization of $17.49 billion, a P/E ratio of 24.42, a PEG ratio of 2.01 and a beta of 1.46. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.89 by $0.14. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the business posted $0.81 EPS. Analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.66%. Tapestry’s payout ratio is currently 36.84%.

Analyst Ratings Changes

Several research firms recently issued reports on TPR. Cowen upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday. TD Cowen raised Tapestry from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a research note on Thursday, June 12th. Morgan Stanley raised Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price target for the company in a research note on Thursday, May 8th. Telsey Advisory Group reissued an “outperform” rating and set a $92.00 price target on shares of Tapestry in a research note on Friday, May 9th. Finally, Citigroup increased their price target on Tapestry from $81.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Three analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.56.

Insider Activity

In other news, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president now directly owns 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 116,062 shares in the company, valued at $9,447,446.80. This represents a 25.63% 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.

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.