Tapestry, Inc. (NYSE:TPR) Shares Sold by Erste Asset Management GmbH

Erste Asset Management GmbH cut its stake in Tapestry, Inc. (NYSE:TPR) by 31.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 940,118 shares of the luxury accessories retailer’s stock after selling 421,700 shares during the period. Erste Asset Management GmbH’s holdings in Tapestry were worth $61,830,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in TPR. WT Asset Management Ltd acquired a new stake in Tapestry in the fourth quarter valued at $42,762,000. Raymond James Financial Inc. bought a new stake in Tapestry during the fourth quarter valued at $38,180,000. Bank of Montreal Can increased its stake in Tapestry by 76.6% during the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after purchasing an additional 539,793 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Tapestry by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after purchasing an additional 382,856 shares during the last quarter. Finally, Allianz Asset Management GmbH increased its stake in Tapestry by 16.4% during the fourth quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock valued at $138,596,000 after purchasing an additional 298,409 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Tapestry

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the company’s 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 of the company’s stock, valued at approximately $3,397,592. This represents a 23.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of the sale, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at $12,688,570.72. The trade was a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is owned by insiders.

Tapestry Stock Performance

Shares of TPR opened at $71.65 on Thursday. The firm has a 50-day moving average price of $76.57 and a 200 day moving average price of $60.30. The firm has a market capitalization of $14.83 billion, a PE ratio of 20.77, a P/E/G ratio of 2.01 and a beta of 1.57. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period last year, the firm posted $1.63 earnings per share. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be given a $0.35 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.95%. Tapestry’s dividend payout ratio is presently 40.58%.

Wall Street Analyst Weigh In

Several research firms have weighed in on TPR. Evercore ISI boosted their target price on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. The Goldman Sachs Group boosted their target price on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Robert W. Baird boosted their target price on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Raymond James reiterated an “outperform” rating and set a $88.00 target price (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Finally, StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $78.53.

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.