Bessemer Group Inc. Sells 28,924 Shares of Tapestry, Inc. (NYSE:TPR)

Bessemer Group Inc. lessened its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 90.7% in the first quarter, Holdings Channel.com reports. The fund owned 2,976 shares of the luxury accessories retailer’s stock after selling 28,924 shares during the quarter. Bessemer Group Inc.’s holdings in Tapestry were worth $210,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its holdings in Tapestry by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock worth $522,471,000 after acquiring an additional 382,856 shares during the period. Curat Global LLC acquired a new stake in Tapestry during the 1st quarter worth $382,000. Abacus FCF Advisors LLC grew its holdings in Tapestry by 46.2% during the 4th quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer’s stock worth $2,972,000 after acquiring an additional 14,384 shares during the period. Pzena Investment Management LLC acquired a new stake in Tapestry during the 4th quarter worth $18,737,000. Finally, Raymond James Financial Inc. acquired a new stake in Tapestry during the 4th quarter worth $38,180,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Price Performance

Shares of NYSE TPR opened at $86.47 on Thursday. The firm has a market cap of $17.96 billion, a PE ratio of 22.76, a PEG ratio of 1.80 and a beta of 1.47. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The company has a fifty day moving average price of $79.73 and a 200 day moving average price of $74.68.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.81 EPS. Research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.62%. Tapestry’s dividend payout ratio (DPR) is presently 36.84%.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president directly owned 40,922 shares of the company’s stock, valued at $3,350,693.36. The trade was a 3.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Todd Kahn sold 40,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer directly owned 116,062 shares in the company, valued at $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. Insiders own 1.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on TPR. Raymond James Financial reaffirmed an “outperform” rating and set a $85.00 target price (up previously from $74.00) on shares of Tapestry in a report on Friday, May 9th. Citigroup lifted their target price on shares of Tapestry from $81.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Wells Fargo & Company reissued an “overweight” rating and issued a $100.00 price target (up previously from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Cowen raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, June 12th. Finally, Morgan Stanley raised shares of Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price target for the company in a report on Thursday, May 8th. Three analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $88.78.

About Tapestry

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.