20,833 Tapestry, Inc. $TPR Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management lessened its stake in Tapestry, Inc. (NYSE:TPR) by 25.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,667 shares of the luxury accessories retailer’s stock after selling 20,833 shares during the period. Ritholtz Wealth Management’s holdings in Tapestry were worth $6,864,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in TPR. BlackRock Inc. acquired a new position in shares of Tapestry in the 2nd quarter valued at $2,610,995,000. Bank of America Corp DE purchased a new stake in Tapestry during the second quarter worth $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Tapestry by 53.8% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,169,602 shares of the luxury accessories retailer’s stock worth $317,586,000 after buying an additional 758,915 shares in the last quarter. Amundi boosted its holdings in Tapestry by 96.0% during the first quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock worth $249,751,000 after buying an additional 866,969 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Tapestry during the second quarter valued at $175,291,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on TPR. JPMorgan Chase & Co. lifted their price objective on shares of Tapestry from $205.00 to $211.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $185.00 price objective (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. Daiwa Securities Group raised shares of Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. Raymond James Financial dropped their target price on Tapestry from $165.00 to $140.00 and set an “outperform” rating on the stock in a research report on Friday, October 16th. Finally, Argus cut their price target on Tapestry from $165.00 to $148.00 and set a “buy” rating for the company in a research note on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $167.26.

Insider Buying and Selling at Tapestry

In other news, CEO Todd Kahn sold 30,000 shares of Tapestry stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $135.28, for a total value of $4,058,400.00. Following the sale, the chief executive officer owned 92,368 shares in the company, valued at $12,495,543.04. This trade represents a 24.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Scott Roe sold 54,644 shares of Tapestry stock in a transaction dated Tuesday, November 10th. The shares were sold at an average price of $135.50, for a total transaction of $7,404,262.00. Following the completion of the sale, the chief financial officer owned 76,161 shares in the company, valued at approximately $10,319,815.50. This trade represents a 41.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 168,409 shares of company stock valued at $22,501,876. Insiders own 1.28% of the company’s stock.

Tapestry Trading Down 0.7%

Shares of NYSE:TPR opened at $132.44 on Friday. Tapestry, Inc. has a 1 year low of $99.00 and a 1 year high of $164.80. The firm has a market capitalization of $26.03 billion, a price-to-earnings ratio of 17.05, a price-to-earnings-growth ratio of 1.51 and a beta of 1.44. The company has a debt-to-equity ratio of 5.70, a current ratio of 1.24 and a quick ratio of 0.76. The business’s 50 day moving average price is $118.28 and its 200-day moving average price is $137.05.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.26. The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Tapestry had a net margin of 19.68% and a return on equity of 274.20%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.38 EPS. On average, equities research analysts forecast that Tapestry, Inc. will post 8.30 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Friday, December 4th will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, December 4th. Tapestry’s dividend payout ratio (DPR) is presently 23.81%.

Tapestry Company Profile

Tapestry, Inc. is a global fashion company whose portfolio includes Coach and Kate Spade New York. The company designs and sells handbags, accessories, footwear, apparel, jewelry and other lifestyle products through retail stores, e-commerce and wholesale partners. Based in New York, Tapestry serves customers in North America and international markets, including Asia and Europe. Its brands reach consumers through company-operated stores and digital channels as well as select department stores and other retail partners.