Man Group plc Has $7.50 Million Stake in Tapestry, Inc. (NYSE:TPR)

Man Group plc trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 52.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,739 shares of the luxury accessories retailer’s stock after selling 124,504 shares during the period. Man Group plc’s holdings in Tapestry were worth $7,496,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TPR. Park Avenue Securities LLC increased its holdings in Tapestry by 31.5% during the 4th quarter. Park Avenue Securities LLC now owns 9,572 shares of the luxury accessories retailer’s stock valued at $625,000 after purchasing an additional 2,294 shares in the last quarter. Ritholtz Wealth Management boosted its position in Tapestry by 28.2% in the 4th quarter. Ritholtz Wealth Management now owns 12,680 shares of the luxury accessories retailer’s stock valued at $828,000 after buying an additional 2,793 shares during the last quarter. Merit Financial Group LLC bought a new position in Tapestry in the 4th quarter valued at $797,000. UMB Bank n.a. boosted its position in Tapestry by 72.9% in the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock valued at $77,000 after buying an additional 496 shares during the last quarter. Finally, Capricorn Fund Managers Ltd bought a new position in Tapestry in the 4th quarter valued at $3,905,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Performance

TPR stock opened at $82.28 on Tuesday. The business’s 50-day moving average price is $70.74 and its two-hundred day moving average price is $69.54. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The firm has a market cap of $17.09 billion, a PE ratio of 23.85, a P/E/G ratio of 2.01 and a beta of 1.41. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

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, topping the consensus estimate of $0.89 by $0.14. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 earnings per share. As a group, research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend is Friday, June 6th. Tapestry’s dividend payout ratio is 36.84%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Tuesday, May 13th. Barclays increased their price objective on Tapestry from $83.00 to $98.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. Raymond James reiterated an “outperform” rating and issued a $85.00 price objective (up from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Morgan Stanley upgraded Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective on the stock in a research report on Thursday, May 8th. Finally, Robert W. Baird raised their price target on Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $83.89.

Insider Buying and Selling at Tapestry

In related news, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the sale, the chief executive officer now owns 201,531 shares of the company’s stock, valued at approximately $17,652,100.29. The trade was a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 107,936 shares of company stock valued at $9,101,139 in the last 90 days. 1.18% of the stock is currently owned by company insiders.

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.