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

Ritholtz Wealth Management cut its position in Tapestry, Inc. (NYSE:TPR) by 25.9% during the third quarter, HoldingsChannel.com reports. The fund 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 reporting period.

Several other large investors have also recently made changes to their positions in TPR. Cetera Trust Company N.A acquired a new position in Tapestry in the 2nd quarter valued at $26,000. Keating Financial Advisory Services Inc. purchased a new position in Tapestry in the 2nd quarter valued at $31,000. Virtus Advisers LLC acquired a new stake in Tapestry during the 2nd quarter worth $32,000. GK Wealth Management LLC acquired a new stake in Tapestry during the 3rd quarter worth $28,000. Finally, Signature Equity Partners LLC raised its position in shares of Tapestry by 1,516.7% in the third quarter. Signature Equity Partners LLC now owns 291 shares of the luxury accessories retailer’s stock valued at $34,000 after buying an additional 273 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TPR has been the topic of several research reports. Robert W. Baird decreased their price target on shares of Tapestry from $165.00 to $150.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 27th. Zacks Research cut shares of Tapestry from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Morgan Stanley dropped their price objective on shares of Tapestry from $164.00 to $159.00 and set an “overweight” rating for the company in a research note on Friday, August 14th. 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 report on Friday, August 14th. Finally, Daiwa Securities Group raised shares of Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $167.26.

Tapestry Stock Performance

NYSE TPR opened at $132.44 on Friday. The company has a debt-to-equity ratio of 5.70, a quick ratio of 0.76 and a current ratio of 1.24. The stock’s fifty day moving average is $118.28 and its two-hundred day moving average is $137.05. The firm has a market capitalization of $26.03 billion, a P/E ratio of 17.05, a price-to-earnings-growth ratio of 1.51 and a beta of 1.44. Tapestry, Inc. has a fifty-two week low of $99.00 and a fifty-two week high of $164.80.

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

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Friday, December 4th will be issued a $0.4625 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.4%. Tapestry’s dividend payout ratio is currently 23.81%.

Insider Transactions at Tapestry

In related news, CFO Scott Roe sold 54,644 shares of the firm’s 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 directly owned 76,161 shares in the company, valued at approximately $10,319,815.50. This trade represents a 41.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joanne Crevoiserat sold 27,762 shares of the firm’s stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $132.46, for a total transaction of $3,677,354.52. Following the sale, the chief executive officer owned 758,841 shares of the company’s stock, valued at approximately $100,516,078.86. The trade was a 3.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 168,409 shares of company stock valued at $22,501,876 in the last three months. 1.28% of the stock is currently owned by corporate insiders.

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.