Oppenheimer Asset Management Inc. Reduces Stock Position in Tapestry, Inc. (NYSE:TPR)

Oppenheimer Asset Management Inc. reduced its position in shares of Tapestry, Inc. (NYSE:TPR) by 26.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 77,927 shares of the luxury accessories retailer’s stock after selling 28,268 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Tapestry were worth $5,487,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Advisor Resource Council purchased a new stake in shares of Tapestry during the first quarter worth about $609,000. Friedenthal Financial raised its stake in Tapestry by 10.8% in the first quarter. Friedenthal Financial now owns 13,594 shares of the luxury accessories retailer’s stock worth $957,000 after buying an additional 1,321 shares in the last quarter. Johnson Investment Counsel Inc. raised its stake in Tapestry by 5.1% in the first quarter. Johnson Investment Counsel Inc. now owns 11,615 shares of the luxury accessories retailer’s stock worth $818,000 after buying an additional 562 shares in the last quarter. CWA Asset Management Group LLC raised its stake in Tapestry by 23.9% in the first quarter. CWA Asset Management Group LLC now owns 70,179 shares of the luxury accessories retailer’s stock worth $4,941,000 after buying an additional 13,539 shares in the last quarter. Finally, Inscription Capital LLC bought a new position in Tapestry in the first quarter worth about $341,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 1,399 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the sale, the vice president now owns 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the firm’s stock in a transaction that occurred 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 owns 116,062 shares in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

Tapestry Price Performance

Shares of TPR opened at $87.31 on Wednesday. The company has a market capitalization of $18.13 billion, a P/E ratio of 22.98, a price-to-earnings-growth ratio of 1.91 and a beta of 1.46. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. The firm has a 50 day moving average of $77.02 and a 200 day moving average of $73.74. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.14. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.81 earnings per share. As a group, equities research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry’s dividend payout ratio (DPR) is currently 36.84%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on TPR. Wells Fargo & Company reissued an “overweight” rating and issued a $100.00 price target (up from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. Citigroup increased their price target on shares of Tapestry from $81.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. UBS Group increased their price target on shares of Tapestry from $68.00 to $73.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Wall Street Zen raised shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Tuesday, May 13th. Finally, The Goldman Sachs Group increased 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. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $88.78.

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.