Laird Norton Wetherby Wealth Management LLC Sells 1,302 Shares of Tapestry, Inc. (NYSE:TPR)

Laird Norton Wetherby Wealth Management LLC lowered its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 16.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,716 shares of the luxury accessories retailer’s stock after selling 1,302 shares during the quarter. Laird Norton Wetherby Wealth Management LLC’s holdings in Tapestry were worth $439,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Apollon Wealth Management LLC bought a new position in shares of Tapestry during the 4th quarter valued at $328,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Tapestry by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after purchasing an additional 382,856 shares in the last quarter. Decker Retirement Planning Inc. bought a new position in shares of Tapestry during the 4th quarter valued at $3,437,000. Abacus FCF Advisors LLC grew its stake in Tapestry by 46.2% in the 4th quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer’s stock valued at $2,972,000 after buying an additional 14,384 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in Tapestry by 14.6% in the 4th quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer’s stock valued at $20,195,000 after buying an additional 39,298 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Tapestry Trading Down 0.0%

Shares of TPR stock opened at $83.23 on Friday. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company has a market capitalization of $17.23 billion, a P/E ratio of 24.12, a P/E/G ratio of 2.01 and a beta of 1.41. The firm has a 50-day moving average price of $70.31 and a 200 day moving average price of $68.77. 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 announced its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.14. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the firm posted $0.81 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. Research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.68%. Tapestry’s payout ratio is 36.84%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on TPR. Guggenheim raised their target price on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Robert W. Baird raised their target price on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Citigroup raised their target price on shares of Tapestry from $81.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, May 9th. JPMorgan Chase & Co. raised their target price on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, 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 note on Wednesday. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $83.89.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The shares were 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 directly 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Scott A. Roe sold 25,727 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the sale, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. This trade represents a 14.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,936 shares of company stock worth $9,101,139. Corporate 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.