Avantax Advisory Services Inc. Trims Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Avantax Advisory Services Inc. trimmed its position in Tapestry, Inc. (NYSE:TPR) by 30.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,180 shares of the luxury accessories retailer’s stock after selling 1,864 shares during the period. Avantax Advisory Services Inc.’s holdings in Tapestry were worth $294,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Greenline Partners LLC bought a new stake in Tapestry in the fourth quarter worth $29,000. MorganRosel Wealth Management LLC bought a new stake in Tapestry in the first quarter worth $35,000. Opal Wealth Advisors LLC bought a new stake in Tapestry in the first quarter worth $35,000. Coppell Advisory Solutions LLC lifted its holdings in shares of Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock valued at $34,000 after purchasing an additional 150 shares in the last quarter. Finally, Private Trust Co. NA lifted its holdings in shares of Tapestry by 27.2% during the first quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 153 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TPR shares. UBS Group reaffirmed a “neutral” rating and set a $112.00 price target (up from $73.00) on shares of Tapestry in a report on Monday, August 4th. Barclays reaffirmed an “overweight” rating and set a $105.00 price target (up from $98.00) on shares of Tapestry in a report on Friday, July 11th. Bank of America downgraded Tapestry from a “buy” rating to a “neutral” rating and upped their price target for the company from $95.00 to $115.00 in a report on Tuesday, July 29th. Raymond James Financial reaffirmed an “outperform” rating and set a $115.00 price target (up from $85.00) on shares of Tapestry in a report on Tuesday, July 22nd. Finally, Wall Street Zen downgraded Tapestry from a “strong-buy” rating to a “buy” rating in a report on Friday, July 18th. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.72.

Insider Activity at Tapestry

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

Tapestry Stock Performance

Shares of TPR opened at $108.99 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a 52 week low of $37.13 and a 52 week high of $113.08. The business has a 50-day simple moving average of $94.16 and a two-hundred day simple moving average of $81.56. The stock has a market cap of $22.64 billion, a price-to-earnings ratio of 28.68, a PEG ratio of 2.19 and a beta of 1.51.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 EPS. On average, analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

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.