Sumitomo Mitsui Asset Management Company LTD cut its holdings in shares of Tapestry Inc (NYSE:TPR) by 7.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,070 shares of the luxury accessories retailer’s stock after selling 5,002 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Tapestry were worth $3,019,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Itau Unibanco Holding S.A. grew its stake in Tapestry by 263.6% in the second quarter. Itau Unibanco Holding S.A. now owns 6,418 shares of the luxury accessories retailer’s stock worth $299,000 after purchasing an additional 4,653 shares during the period. Korea Investment CORP grew its stake in Tapestry by 4.4% in the second quarter. Korea Investment CORP now owns 145,701 shares of the luxury accessories retailer’s stock worth $6,806,000 after purchasing an additional 6,200 shares during the period. CWM LLC grew its stake in Tapestry by 33.6% in the second quarter. CWM LLC now owns 192,743 shares of the luxury accessories retailer’s stock worth $9,003,000 after purchasing an additional 48,431 shares during the period. TCW Group Inc. grew its stake in Tapestry by 3.3% in the second quarter. TCW Group Inc. now owns 2,479,549 shares of the luxury accessories retailer’s stock worth $115,820,000 after purchasing an additional 79,076 shares during the period. Finally, Heritage Trust Co grew its stake in Tapestry by 2.4% in the second quarter. Heritage Trust Co now owns 53,122 shares of the luxury accessories retailer’s stock worth $2,481,000 after purchasing an additional 1,269 shares during the period. 90.04% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts recently weighed in on the company. ValuEngine cut Tapestry from a “buy” rating to a “hold” rating in a research note on Thursday, October 11th. Barclays upped their price target on Tapestry from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 16th. Bank of America upped their price target on Tapestry from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, August 15th. Buckingham Research reduced their price target on Tapestry from $62.00 to $53.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Royal Bank of Canada set a $58.00 price target on Tapestry and gave the stock a “buy” rating in a research note on Wednesday, August 15th. Ten research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $56.16.

NYSE TPR opened at $42.51 on Friday. Tapestry Inc has a 12 month low of $39.60 and a 12 month high of $55.50. The firm has a market capitalization of $12.74 billion, a PE ratio of 16.16, a P/E/G ratio of 1.36 and a beta of 0.43. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.87 and a current ratio of 2.59.

Tapestry (NYSE:TPR) last released its earnings results on Tuesday, August 14th. The luxury accessories retailer reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Tapestry had a return on equity of 24.76% and a net margin of 6.76%. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.47 billion. During the same period in the prior year, the firm posted $0.50 earnings per share. The company’s quarterly revenue was up 30.9% on a year-over-year basis. As a group, equities analysts anticipate that Tapestry Inc will post 2.77 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 7th were paid a $0.3375 dividend. The ex-dividend date was Thursday, September 6th. This represents a $1.35 dividend on an annualized basis and a dividend yield of 3.18%. Tapestry’s dividend payout ratio is currently 51.33%.

In other news, insider Ian Bickley sold 48,071 shares of the company’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $52.13, for a total transaction of $2,505,941.23. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ivan Menezes sold 2,068 shares of the company’s stock in a transaction on Friday, August 31st. The shares were sold at an average price of $50.70, for a total value of $104,847.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,602 shares of company stock worth $2,633,939. Insiders own 0.70% of the company’s stock.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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