Securian Asset Management Inc. cut its position in Tapestry, Inc. (NYSE:TPR – Free Report) by 44.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 5,564 shares of the luxury accessories retailer’s stock after selling 4,374 shares during the period. Securian Asset Management Inc.’s holdings in Tapestry were worth $711,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of TPR. Cloud Capital Management LLC purchased a new position in Tapestry in the third quarter worth about $26,000. Triumph Capital Management purchased a new position in Tapestry in the third quarter worth about $29,000. Steph & Co. raised its holdings in Tapestry by 128.7% in the fourth quarter. Steph & Co. now owns 231 shares of the luxury accessories retailer’s stock worth $30,000 after buying an additional 130 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new position in Tapestry in the fourth quarter worth about $31,000. Finally, Cornerstone Planning Group LLC raised its holdings in Tapestry by 2,720.0% in the fourth quarter. Cornerstone Planning Group LLC now owns 282 shares of the luxury accessories retailer’s stock worth $36,000 after buying an additional 272 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.
Tapestry Stock Down 1.8%
Shares of TPR stock opened at $130.32 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48. Tapestry, Inc. has a 12 month low of $76.29 and a 12 month high of $161.97. The stock has a market cap of $26.33 billion, a P/E ratio of 41.77, a P/E/G ratio of 1.35 and a beta of 1.45. The company has a 50 day simple moving average of $144.00 and a two-hundred day simple moving average of $132.83.
Tapestry Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, June 5th. Tapestry’s dividend payout ratio is presently 51.28%.
Insider Transactions at Tapestry
In other Tapestry news, Director Thomas Greco sold 14,245 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $154.44, for a total transaction of $2,199,997.80. Following the sale, the director directly owned 21,302 shares of the company’s stock, valued at $3,289,880.88. This trade represents a 40.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total value of $3,691,152.64. Following the completion of the transaction, the chief executive officer owned 652,434 shares in the company, valued at $86,701,954.26. The trade was a 4.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 90,816 shares of company stock worth $13,448,032. Insiders own 1.32% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have issued reports on the stock. Robert W. Baird lifted their target price on shares of Tapestry from $160.00 to $165.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Zacks Research raised shares of Tapestry from a “hold” rating to a “strong-buy” rating in a report on Monday, February 9th. Barclays set a $179.00 price objective on shares of Tapestry and gave the company an “overweight” rating in a report on Friday, February 6th. Weiss Ratings raised shares of Tapestry from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, May 6th. Finally, UBS Group raised shares of Tapestry from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $142.00 to $187.00 in a report on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $160.67.
Read Our Latest Research Report on Tapestry
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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