Tapestry, Inc. (NYSE:TPR) Stake Lowered by Wellington Management Group LLP

Wellington Management Group LLP cut its holdings in Tapestry, Inc. (NYSE:TPR) by 11.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 158,687 shares of the luxury accessories retailer’s stock after selling 21,213 shares during the quarter. Wellington Management Group LLP’s holdings in Tapestry were worth $10,367,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. HighTower Advisors LLC raised its position in Tapestry by 0.9% in the third quarter. HighTower Advisors LLC now owns 50,797 shares of the luxury accessories retailer’s stock worth $2,386,000 after purchasing an additional 445 shares in the last quarter. National Bank of Canada FI increased its holdings in Tapestry by 86.3% during the 3rd quarter. National Bank of Canada FI now owns 116,762 shares of the luxury accessories retailer’s stock worth $5,485,000 after purchasing an additional 54,083 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in Tapestry by 4.1% in the third quarter. Orion Portfolio Solutions LLC now owns 56,914 shares of the luxury accessories retailer’s stock valued at $2,674,000 after purchasing an additional 2,255 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its position in shares of Tapestry by 18.9% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 4,275 shares of the luxury accessories retailer’s stock valued at $201,000 after acquiring an additional 679 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Tapestry by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after purchasing an additional 80,681 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TPR. Telsey Advisory Group lifted their price objective on shares of Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. Raymond James restated an “outperform” rating and issued a $88.00 price target (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. UBS Group lifted their price objective on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Robert W. Baird upped their target price on Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $78.53.

Tapestry Stock Up 11.1 %

TPR opened at $67.30 on Thursday. The company has a market capitalization of $13.93 billion, a PE ratio of 19.51, a PEG ratio of 2.01 and a beta of 1.37. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The firm’s 50 day simple moving average is $76.20 and its two-hundred day simple moving average is $64.44. 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 posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share 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 quarter in the previous year, the business earned $1.63 EPS. As a group, equities analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 2.08%. Tapestry’s dividend payout ratio (DPR) is 40.58%.

Insider Transactions at Tapestry

In related 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 transaction of $1,048,696.00. Following the completion of the transaction, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the sale, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,537 shares of company stock worth $5,730,589. Insiders own 1.18% of the company’s stock.

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.