Tapestry, Inc. (NYSE:TPR) Shares Sold by Fulton Bank N.A.

Fulton Bank N.A. trimmed its position in shares of Tapestry, Inc. (NYSE:TPR) by 29.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,085 shares of the luxury accessories retailer’s stock after selling 1,733 shares during the period. Fulton Bank N.A.’s holdings in Tapestry were worth $288,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TPR. Janney Montgomery Scott LLC acquired a new position in Tapestry during the 4th quarter valued at about $333,000. Caprock Group LLC boosted its stake in Tapestry by 6.2% during the 4th quarter. Caprock Group LLC now owns 5,428 shares of the luxury accessories retailer’s stock valued at $355,000 after purchasing an additional 316 shares during the period. Trust Point Inc. acquired a new position in Tapestry during the 4th quarter valued at about $261,000. Mather Group LLC. boosted its stake in Tapestry by 8.0% during the 4th quarter. Mather Group LLC. now owns 5,853 shares of the luxury accessories retailer’s stock valued at $382,000 after purchasing an additional 435 shares during the period. Finally, Yousif Capital Management LLC boosted its stake in Tapestry by 20.8% during the 4th quarter. Yousif Capital Management LLC now owns 39,091 shares of the luxury accessories retailer’s stock valued at $2,554,000 after purchasing an additional 6,729 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on TPR shares. Telsey Advisory Group restated an “outperform” rating and set a $92.00 price target on shares of Tapestry in a research report on Friday, May 9th. Guggenheim boosted their price target on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Robert W. Baird boosted their price target on shares of Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. boosted their price target on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Finally, Citigroup boosted their price target on shares of Tapestry from $81.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.89.

Tapestry Stock Up 1.1%

NYSE TPR opened at $79.18 on Friday. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The company’s 50 day simple moving average is $72.52 and its 200 day simple moving average is $71.70. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The company has a market capitalization of $16.45 billion, a P/E ratio of 22.95, a PEG ratio of 2.01 and a beta of 1.41.

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

Tapestry Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Friday, June 6th. Tapestry’s dividend payout ratio (DPR) is currently 36.84%.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president now directly owns 40,922 shares of the company’s stock, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the transaction, the chief executive officer now directly owns 116,062 shares in the company, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by 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.