Meritage Portfolio Management Sells 515 Shares of Tapestry, Inc. (NYSE:TPR)

Meritage Portfolio Management reduced its holdings in Tapestry, Inc. (NYSE:TPR) by 0.4% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 120,161 shares of the luxury accessories retailer’s stock after selling 515 shares during the quarter. Meritage Portfolio Management owned 0.06% of Tapestry worth $8,461,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of TPR. Ameriprise Financial Inc. increased its position in shares of Tapestry by 4.8% in the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer’s stock worth $527,799,000 after purchasing an additional 370,784 shares during the last quarter. Charles Schwab Investment Management Inc. boosted 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 purchasing an additional 382,856 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Tapestry by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer’s stock valued at $376,247,000 after purchasing an additional 176,717 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Tapestry by 15.2% during the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock valued at $270,304,000 after buying an additional 546,497 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Tapestry by 3.0% in the 4th quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer’s stock worth $183,909,000 after buying an additional 83,222 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. UBS Group upped their price objective on shares of Tapestry from $68.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Wall Street Zen upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Tuesday, May 13th. TD Cowen raised Tapestry from a “hold” rating to a “buy” rating and set a $100.00 price objective for the company in a research note on Thursday, June 12th. Cowen raised shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, June 12th. Finally, Citigroup increased their target price on shares of Tapestry from $81.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $88.78.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the firm’s 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 directly owned 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the company’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 transaction, the chief executive officer owned 116,062 shares in the company, valued at approximately $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 Stock Performance

Shares of Tapestry stock opened at $86.47 on Thursday. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The firm has a market capitalization of $17.96 billion, a P/E ratio of 22.76, a P/E/G ratio of 1.80 and a beta of 1.47. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The business has a fifty day simple moving average of $79.73 and a two-hundred day simple moving average of $74.68.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The firm had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the firm posted $0.81 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.62%. Tapestry’s payout ratio is presently 36.84%.

Tapestry 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.