Absher Wealth Management LLC Sells 26,068 Shares of Tapestry, Inc. (NYSE:TPR)

Absher Wealth Management LLC lessened its position in Tapestry, Inc. (NYSE:TPR) by 62.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,413 shares of the luxury accessories retailer’s stock after selling 26,068 shares during the quarter. Absher Wealth Management LLC’s holdings in Tapestry were worth $1,007,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Waldron Private Wealth LLC bought a new position in Tapestry during the third quarter worth about $25,000. Brooklyn Investment Group bought a new stake in shares of Tapestry in the 3rd quarter worth about $47,000. UMB Bank n.a. increased its position in shares of Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after purchasing an additional 496 shares in the last quarter. Deseret Mutual Benefit Administrators lifted its holdings in Tapestry by 68.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after purchasing an additional 605 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Tapestry in the second quarter valued at about $68,000. 90.77% of the stock is owned by institutional investors.

Insider Buying and Selling at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.18% of the company’s stock.

Wall Street Analyst Weigh In

TPR has been the subject of a number of research reports. Guggenheim raised their price target on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, November 15th. Telsey Advisory Group upped their price target on Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research note on Monday. Wells Fargo & Company lifted their price objective on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a research report on Monday. UBS Group upped their target price on shares of Tapestry from $57.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Finally, Citigroup lifted their price target on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $67.28.

Tapestry Price Performance

NYSE TPR opened at $73.40 on Thursday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $76.49. The business has a 50 day simple moving average of $67.29 and a 200 day simple moving average of $52.80. The stock has a market cap of $17.10 billion, a price-to-earnings ratio of 21.21, a PEG ratio of 2.07 and a beta of 1.58.

Tapestry Profile

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 handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.