Tapestry, Inc. (NYSE:TPR) Shares Sold by Avory & Company LLC

Avory & Company LLC trimmed its stake in shares of Tapestry, Inc. (NYSE:TPR – Get Rating) by 9.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,681 shares of the luxury accessories retailer’s stock after selling 3,098 shares during the quarter. Tapestry comprises 0.7% of Avory & Company LLC’s investment portfolio, making the stock its 17th biggest holding. Avory & Company LLC’s holdings in Tapestry were worth $815,000 as of its most recent filing with the Securities and Exchange Commission.

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Several other hedge funds and other institutional investors also recently modified their holdings of TPR. Vanguard Group Inc. lifted its holdings in shares of Tapestry by 2.4% in the first quarter. Vanguard Group Inc. now owns 32,654,335 shares of the luxury accessories retailer’s stock valued at $1,213,109,000 after purchasing an additional 751,210 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Tapestry by 4.1% in the second quarter. Franklin Resources Inc. now owns 9,825,853 shares of the luxury accessories retailer’s stock valued at $299,885,000 after purchasing an additional 390,491 shares during the period. Lazard Asset Management LLC increased its stake in Tapestry by 45.7% in the second quarter. Lazard Asset Management LLC now owns 4,758,778 shares of the luxury accessories retailer’s stock valued at $145,237,000 after purchasing an additional 1,492,589 shares during the last quarter. Northern Trust Corp increased its position in Tapestry by 7.3% during the second quarter. Northern Trust Corp now owns 3,372,674 shares of the luxury accessories retailer’s stock worth $102,934,000 after purchasing an additional 228,218 shares during the last quarter. Finally, Amundi increased its holdings in shares of Tapestry by 43.3% during the 2nd quarter. Amundi now owns 1,556,843 shares of the luxury accessories retailer’s stock worth $48,417,000 after buying an additional 470,087 shares during the last quarter. 92.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Manesh Dadlani sold 1,582 shares of the company’s stock in a transaction on Friday, December 2nd. The shares were sold at an average price of $38.53, for a total value of $60,954.46. Following the transaction, the vice president now directly owns 39,375 shares of the company’s stock, valued at $1,517,118.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.81% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

TPR has been the subject of several recent research reports. Barclays lowered their price target on Tapestry to $38.00 in a report on Wednesday, November 16th. Credit Suisse Group dropped their price target on shares of Tapestry to $45.00 in a research note on Wednesday, November 16th. Morgan Stanley upped their price objective on shares of Tapestry from $35.00 to $36.00 and gave the company an “equal weight” rating in a research report on Thursday, November 17th. The Goldman Sachs Group upgraded Tapestry from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $37.00 to $44.00 in a research note on Monday, December 12th. Finally, JPMorgan Chase & Co. boosted their price objective on Tapestry from $46.00 to $47.00 and gave the company an “overweight” rating in a report on Tuesday, November 29th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $44.88.

Tapestry Stock Performance

TPR opened at $43.10 on Friday. The company has a current ratio of 1.82, a quick ratio of 0.95 and a debt-to-equity ratio of 0.73. The business’s 50 day moving average is $37.00 and its 200-day moving average is $34.23. The stock has a market cap of $10.39 billion, a PE ratio of 13.68, a price-to-earnings-growth ratio of 0.90 and a beta of 1.36. Tapestry, Inc. has a twelve month low of $26.39 and a twelve month high of $43.29.

Tapestry (NYSE:TPR – Get Rating) last issued its earnings results on Thursday, November 10th. The luxury accessories retailer reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.05. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Tapestry had a return on equity of 35.86% and a net margin of 12.29%. On average, analysts predict that Tapestry, Inc. will post 3.63 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 27th. Stockholders of record on Friday, December 9th were issued a $0.30 dividend. The ex-dividend date of this dividend was Thursday, December 8th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.78%. Tapestry’s dividend payout ratio is 38.10%.

About Tapestry

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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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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