M&T Bank Corp Reduces Position in Tapestry, Inc. (NYSE:TPR)

M&T Bank Corp lessened its stake in shares of Tapestry, Inc. (NYSE:TPR) by 9.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 34,351 shares of the luxury accessories retailer’s stock after selling 3,674 shares during the period. M&T Bank Corp’s holdings in Tapestry were worth $2,419,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Ameriprise Financial Inc. boosted its holdings in shares of Tapestry by 4.8% in the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer’s stock valued at $527,799,000 after acquiring an additional 370,784 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Tapestry by 3.2% in 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 acquiring an additional 176,717 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Tapestry by 15.2% in 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 acquiring an additional 546,497 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Tapestry by 3.0% in the 4th quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer’s stock valued at $183,909,000 after acquiring an additional 83,222 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Tapestry by 593.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer’s stock valued at $143,198,000 after acquiring an additional 1,875,753 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TPR. Argus increased their price target on shares of Tapestry from $78.00 to $92.00 and gave the stock a “buy” rating in a report on Tuesday, June 17th. Citigroup increased their price target on shares of Tapestry from $81.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Cowen raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, June 12th. Wall Street Zen raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Tuesday, May 13th. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $100.00 price target (up from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Three equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.17.

Insider Activity at Tapestry

In other news, 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 transaction of $3,256,000.00. Following the completion of the sale, the chief executive officer directly owned 116,062 shares of the company’s stock, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $114,550.12. Following the sale, the vice president directly owned 40,922 shares of the company’s stock, valued at approximately $3,350,693.36. This trade represents a 3.31% 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 Price Performance

Tapestry stock opened at $98.50 on Friday. The company has a 50-day moving average price of $83.08 and a 200 day moving average price of $76.13. The stock has a market cap of $20.46 billion, a P/E ratio of 25.92, a PEG ratio of 2.02 and a beta of 1.47. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $98.65. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59.

Tapestry (NYSE:TPR) last posted its 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. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the firm earned $0.81 EPS. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. Sell-side analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were given a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.42%. Tapestry’s dividend 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.