Commonwealth Equity Services LLC Lowers Holdings in Tapestry, Inc. (NYSE:TPR)

Commonwealth Equity Services LLC reduced its stake in Tapestry, Inc. (NYSE:TPR) by 5.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,306 shares of the luxury accessories retailer’s stock after selling 1,779 shares during the period. Commonwealth Equity Services LLC’s holdings in Tapestry were worth $2,176,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Apollon Wealth Management LLC purchased a new stake in Tapestry during the 4th quarter valued at about $328,000. Charles Schwab Investment Management Inc. grew its holdings in shares of 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 buying an additional 382,856 shares during the last quarter. Decker Retirement Planning Inc. bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $3,437,000. Principal Financial Group Inc. raised its holdings in Tapestry by 14.6% in the 4th quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer’s stock worth $20,195,000 after acquiring an additional 39,298 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in Tapestry by 10.6% in the 3rd quarter. Franklin Resources Inc. now owns 163,234 shares of the luxury accessories retailer’s stock worth $7,442,000 after acquiring an additional 15,585 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Insider Transactions at Tapestry

In other news, General Counsel David E. Howard sold 11,917 shares of the business’s stock in a transaction on 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 transaction, the general counsel now owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the firm’s stock in a transaction on 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 transaction, 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. Insiders sold a total of 66,537 shares of company stock valued at $5,730,589 over the last 90 days. Company insiders own 1.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on TPR. Evercore ISI lifted their target price on Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Robert W. Baird increased their price objective on Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Guggenheim boosted their target price on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Barclays raised their price target on shares of Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Finally, The Goldman Sachs Group boosted their price objective on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a report on Friday, February 7th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus price target of $78.53.

Tapestry Trading Down 1.2 %

Tapestry stock opened at $72.78 on Friday. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The firm has a market capitalization of $15.07 billion, a price-to-earnings ratio of 21.10, a P/E/G ratio of 2.01 and a beta of 1.57. The firm has a 50 day moving average of $77.67 and a 200 day moving average of $62.59. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping 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 in the previous year, the firm earned $1.63 earnings per share. As a group, research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.92%. Tapestry’s payout ratio is 40.58%.

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.