Nuveen Asset Management LLC Lowers Stake in Tapestry, Inc. (NYSE:TPR)

Nuveen Asset Management LLC lowered its stake in shares of Tapestry, Inc. (NYSE:TPR) by 2.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 706,988 shares of the luxury accessories retailer’s stock after selling 20,646 shares during the period. Nuveen Asset Management LLC’s holdings in Tapestry were worth $46,188,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Maven Securities LTD purchased a new stake in Tapestry during the fourth quarter worth $204,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Tapestry by 8.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,513 shares of the luxury accessories retailer’s stock valued at $4,280,000 after purchasing an additional 5,251 shares during the last quarter. Lighthouse Investment Partners LLC purchased a new stake in shares of Tapestry during the 4th quarter valued at $278,000. Interval Partners LP lifted its holdings in shares of Tapestry by 59.5% during the 4th quarter. Interval Partners LP now owns 1,179,585 shares of the luxury accessories retailer’s stock valued at $77,062,000 after purchasing an additional 439,875 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Tapestry by 0.5% during the 4th quarter. Janus Henderson Group PLC now owns 113,637 shares of the luxury accessories retailer’s stock valued at $7,427,000 after purchasing an additional 534 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insiders Place Their Bets

In other news, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the sale, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. This trade represents a 23.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd Kahn sold 7,786 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were 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 in the company, valued at $17,652,100.29. This trade represents a 3.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,936 shares of company stock valued at $9,101,139. Company insiders own 1.18% of the company’s stock.

Tapestry Price Performance

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

Tapestry (NYSE:TPR) last announced its quarterly 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 company had revenue of $1.58 billion for 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 firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm earned $0.81 EPS. Research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on TPR. Guggenheim increased their price objective on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 7th. Barclays increased their price objective on Tapestry from $83.00 to $98.00 and gave the company an “overweight” rating in a report on Monday, May 12th. Robert W. Baird increased their price objective on Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Raymond James reiterated an “outperform” rating and set a $85.00 price objective (up previously from $74.00) on shares of Tapestry in a report on Friday, May 9th. Finally, Jefferies Financial Group increased their price objective on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.89.

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.