Tapestry, Inc. (NYSE:TPR) Shares Sold by Cetera Investment Advisers

Cetera Investment Advisers reduced its holdings in Tapestry, Inc. (NYSE:TPR) by 10.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,603 shares of the luxury accessories retailer’s stock after selling 6,063 shares during the quarter. Cetera Investment Advisers’ holdings in Tapestry were worth $3,306,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Coppell Advisory Solutions LLC lifted its holdings in shares of Tapestry by 40.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock valued at $34,000 after buying an additional 150 shares during the period. Venturi Wealth Management LLC lifted its holdings in shares of Tapestry by 78.0% in the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after buying an additional 252 shares during the period. Canada Post Corp Registered Pension Plan acquired a new position in Tapestry during the fourth quarter worth $48,000. UMB Bank n.a. raised its holdings in Tapestry by 72.9% during the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after purchasing an additional 496 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its holdings in Tapestry by 1,792.1% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer’s stock worth $78,000 after purchasing an additional 1,129 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, 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 value of $114,550.12. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $3,256,000.00. Following the completion of the transaction, the chief executive officer now owns 116,062 shares in the company, valued at $9,447,446.80. The trade was a 25.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 107,936 shares of company stock valued at $9,101,139 over the last quarter. Company insiders own 1.18% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Telsey Advisory Group reaffirmed an “outperform” rating and set a $92.00 price objective on shares of Tapestry in a report on Friday, May 9th. Citigroup lifted their price objective on Tapestry from $81.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Morgan Stanley raised Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective for the company in a report on Thursday, May 8th. Redburn Atlantic raised Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective for the company in a report on Tuesday, February 18th. Finally, Evercore ISI lifted their price objective on Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average price target of $83.89.

Tapestry Price Performance

Shares of NYSE:TPR opened at $82.77 on Friday. The company has a market cap of $17.14 billion, a P/E ratio of 23.99, a P/E/G 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, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The business has a fifty day simple moving average of $70.53 and a 200-day simple moving average of $69.00.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 earnings per share. Equities research analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Friday, June 6th. Tapestry’s dividend payout ratio is currently 36.84%.

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.