Toronto Dominion Bank Sells 41,432 Shares of Tapestry, Inc. (NYSE:TPR)

Toronto Dominion Bank trimmed its stake in Tapestry, Inc. (NYSE:TPR) by 46.2% during the 4th quarter, Holdings Channel reports. The firm owned 48,204 shares of the luxury accessories retailer’s stock after selling 41,432 shares during the quarter. Toronto Dominion Bank’s holdings in Tapestry were worth $3,149,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of TPR. Greenline Partners LLC bought a new position in shares of Tapestry in the fourth quarter worth approximately $29,000. Coppell Advisory Solutions LLC increased its position in shares of Tapestry by 40.7% in the fourth 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 increased its position in shares of Tapestry by 78.0% in the fourth 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 bought a new position in shares of Tapestry in the fourth quarter worth approximately $48,000. Finally, Brown Brothers Harriman & Co. boosted its stake in Tapestry by 1,792.1% in the fourth quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer’s stock worth $78,000 after buying an additional 1,129 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Tapestry Stock Performance

Shares of TPR stock opened at $78.47 on Friday. The stock has a fifty day moving average of $71.96 and a 200 day moving average of $71.06. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The firm has a market capitalization of $16.30 billion, a price-to-earnings ratio of 22.74, a PEG ratio of 2.01 and a beta of 1.41. 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 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the firm posted $0.81 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. As a group, research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Friday, June 6th. Tapestry’s payout ratio is 36.84%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $100.00 target price (up previously from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. Barclays upped their target price on Tapestry from $83.00 to $98.00 and gave the stock an “overweight” rating in a research note on Monday, May 12th. Guggenheim upped their target price on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $92.00 target price on shares of Tapestry in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. upped their target price on Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.89.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 1,399 shares of the firm’s 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 completion of the sale, the vice president now owns 40,922 shares of the company’s stock, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Todd Kahn sold 40,000 shares of the firm’s 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 transaction, the chief executive officer now directly owns 116,062 shares of the company’s stock, 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 currently owned by insiders.

About Tapestry

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.