Manning & Napier Advisors LLC decreased its holdings in shares of Tapestry, Inc. (NYSE:TPR – Free Report) by 10.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,488 shares of the luxury accessories retailer’s stock after selling 3,610 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Tapestry were worth $4,161,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. World Investment Advisors lifted its stake in shares of Tapestry by 3.6% in the 1st quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock valued at $279,000 after purchasing an additional 69 shares during the last quarter. Horizon Bancorp Inc. IN increased its position in Tapestry by 4.7% during the first quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer’s stock worth $222,000 after buying an additional 71 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Tapestry by 2.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer’s stock valued at $477,000 after buying an additional 73 shares in the last quarter. Northwest Wealth Management LLC raised its holdings in Tapestry by 3.4% during the fourth quarter. Northwest Wealth Management LLC now owns 2,462 shares of the luxury accessories retailer’s stock valued at $315,000 after buying an additional 82 shares in the last quarter. Finally, Fulton Bank N.A. lifted its position in shares of Tapestry by 2.8% in the fourth quarter. Fulton Bank N.A. now owns 3,166 shares of the luxury accessories retailer’s stock worth $405,000 after buying an additional 87 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.
Tapestry Stock Performance
Shares of NYSE:TPR traded up $1.20 during midday trading on Friday, hitting $141.12. The company’s stock had a trading volume of 1,413,179 shares, compared to its average volume of 2,637,429. The stock has a market capitalization of $28.51 billion, a price-to-earnings ratio of 45.23, a PEG ratio of 1.29 and a beta of 1.43. The stock’s 50 day simple moving average is $141.47 and its 200 day simple moving average is $141.71. Tapestry, Inc. has a fifty-two week low of $92.62 and a fifty-two week high of $161.97. The company has a debt-to-equity ratio of 3.48, a quick ratio of 1.27 and a current ratio of 1.84.
Tapestry Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, June 5th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.1%. Tapestry’s payout ratio is 51.28%.
Wall Street Analysts Forecast Growth
Several analysts have recently issued reports on the company. UBS Group upped their price target on Tapestry from $187.00 to $230.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. boosted their target price on Tapestry from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. BTIG Research reaffirmed a “buy” rating and set a $180.00 target price on shares of Tapestry in a research report on Wednesday, June 10th. Morgan Stanley reiterated an “overweight” rating and set a $164.00 price target on shares of Tapestry in a report on Monday, July 6th. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $180.00 price target on shares of Tapestry in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $169.88.
View Our Latest Research Report on TPR
Insider Buying and Selling
In other news, CEO Joanne C. Crevoiserat sold 27,776 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $132.89, for a total value of $3,691,152.64. Following the completion of the sale, the chief executive officer directly owned 652,434 shares of the company’s stock, valued at approximately $86,701,954.26. This represents a 4.08% 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 this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the completion of the sale, the chief executive officer owned 123,258 shares in the company, valued at approximately $17,258,585.16. The trade was a 13.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.32% of the stock is owned by insiders.
Tapestry Company Profile
Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.
Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.
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