Mirae Asset Global Investments Co. Ltd. Has $1.69 Million Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Mirae Asset Global Investments Co. Ltd. cut its holdings in Tapestry, Inc. (NYSE:TPR) by 87.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 24,076 shares of the luxury accessories retailer’s stock after selling 166,629 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Tapestry were worth $1,691,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TPR. Greenline Partners LLC acquired a new stake in Tapestry in the fourth quarter worth about $29,000. Coppell Advisory Solutions LLC increased its position in Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after purchasing an additional 150 shares during the period. Opal Wealth Advisors LLC acquired a new stake in Tapestry in the first quarter worth about $35,000. Canada Post Corp Registered Pension Plan acquired a new stake in Tapestry in the fourth quarter worth about $48,000. Finally, Golden State Wealth Management LLC increased its position in Tapestry by 431.1% in the first quarter. Golden State Wealth Management LLC now owns 887 shares of the luxury accessories retailer’s stock worth $62,000 after purchasing an additional 720 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of research reports. Morgan Stanley upgraded Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective for the company in a research report on Thursday, May 8th. Cowen upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, June 12th. Raymond James Financial reiterated an “outperform” rating and issued a $85.00 price objective (up from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Argus lifted their price objective on Tapestry from $78.00 to $92.00 and gave the stock a “buy” rating in a research report on Tuesday, June 17th. Finally, The Goldman Sachs Group boosted their target price on Tapestry from $84.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $88.78.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 1,399 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the transaction, the vice president directly owned 40,922 shares in the company, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the transaction, the chief executive officer owned 116,062 shares of the company’s stock, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by insiders.

Tapestry Price Performance

Shares of TPR opened at $90.73 on Friday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. The stock has a 50 day simple moving average of $80.18 and a 200 day simple moving average of $74.86. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85. The firm has a market capitalization of $18.84 billion, a PE ratio of 23.88, a P/E/G ratio of 1.79 and a beta of 1.47.

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

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were given a $0.35 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.54%. Tapestry’s dividend payout ratio is presently 36.84%.

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.