Carolina Wealth Advisors LLC Sells 5,917 Shares of Tapestry, Inc. $TPR

Carolina Wealth Advisors LLC decreased its stake in Tapestry, Inc. (NYSE:TPR) by 30.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 13,830 shares of the luxury accessories retailer’s stock after selling 5,917 shares during the period. Carolina Wealth Advisors LLC’s holdings in Tapestry were worth $2,024,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Eurizon Capital SGR S.p.A. acquired a new stake in Tapestry during the fourth quarter worth about $8,109,000. Norges Bank acquired a new position in Tapestry in the 4th quarter valued at approximately $345,349,000. Keystone Investors PTE Ltd. lifted its position in shares of Tapestry by 17.4% in the 4th quarter. Keystone Investors PTE Ltd. now owns 62,622 shares of the luxury accessories retailer’s stock worth $8,001,000 after acquiring an additional 9,303 shares during the period. SEB Asset Management AB bought a new stake in shares of Tapestry in the 1st quarter worth approximately $59,525,000. Finally, North Dakota State Investment Board acquired a new stake in shares of Tapestry during the 4th quarter worth approximately $2,417,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Trading Up 1.2%

Shares of TPR stock opened at $164.31 on Tuesday. The company has a market capitalization of $33.20 billion, a P/E ratio of 52.66, a P/E/G ratio of 1.47 and a beta of 1.43. Tapestry, Inc. has a 12-month low of $92.62 and a 12-month high of $164.80. The company has a quick ratio of 1.27, a current ratio of 1.84 and a debt-to-equity ratio of 3.48. The firm has a 50-day moving average price of $146.22 and a 200 day moving average price of $144.38.

Insider Activity at Tapestry

In other news, CEO Joanne C. Crevoiserat sold 27,776 shares of Tapestry stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total value of $3,691,152.64. Following the completion of the transaction, the chief executive officer owned 652,434 shares in the company, valued at approximately $86,701,954.26. The trade was a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total value of $2,738,371.14. Following the completion of the transaction, the chief executive officer directly owned 123,258 shares in the company, valued at $17,258,585.16. The trade was a 13.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TPR. Telsey Advisory Group lifted their price target on shares of Tapestry from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Raymond James Financial reaffirmed an “outperform” rating and set a $165.00 price objective on shares of Tapestry in a report on Thursday, April 23rd. Citigroup upped their target price on shares of Tapestry from $165.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Evercore set a $175.00 price target on shares of Tapestry in a research report on Friday, May 8th. Finally, Morgan Stanley restated an “overweight” rating and set a $164.00 price target on shares of Tapestry in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.44.

Tapestry Company Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.