Tapestry, Inc. (NYSE:TPR) Shares Sold by M&T Bank Corp

M&T Bank Corp cut its holdings in Tapestry, Inc. (NYSE:TPR) by 0.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,025 shares of the luxury accessories retailer’s stock after selling 243 shares during the quarter. M&T Bank Corp’s holdings in Tapestry were worth $2,484,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Assetmark Inc. increased its stake in Tapestry by 6.7% in the fourth quarter. Assetmark Inc. now owns 53,294 shares of the luxury accessories retailer’s stock valued at $3,482,000 after purchasing an additional 3,330 shares during the period. Cookson Peirce & Co. Inc. increased its stake in Tapestry by 6.0% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 16,556 shares of the luxury accessories retailer’s stock valued at $1,082,000 after purchasing an additional 944 shares during the period. Victory Capital Management Inc. increased its stake in Tapestry by 18.7% in the fourth quarter. Victory Capital Management Inc. now owns 515,095 shares of the luxury accessories retailer’s stock valued at $33,651,000 after purchasing an additional 81,270 shares during the period. Keybank National Association OH boosted its holdings in shares of Tapestry by 7.6% in the fourth quarter. Keybank National Association OH now owns 38,190 shares of the luxury accessories retailer’s stock valued at $2,495,000 after acquiring an additional 2,689 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Tapestry by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after acquiring an additional 382,856 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Performance

Shares of TPR opened at $75.00 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The stock has a market cap of $15.53 billion, a P/E ratio of 21.74, a PEG ratio of 2.01 and a beta of 1.57. The company has a 50-day moving average of $76.22 and a two-hundred day moving average of $59.67. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter in the previous year, the company earned $1.63 earnings per share. As a group, research analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s payout ratio is currently 40.58%.

Wall Street Analysts Forecast Growth

TPR has been the topic of several analyst reports. Daiwa America raised shares of Tapestry to a “hold” rating in a report on Monday, November 18th. Telsey Advisory Group lifted their target price on shares of Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a report on Monday, February 3rd. Evercore ISI lifted their target price on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a report on Monday, January 27th. Jefferies Financial Group lifted their target price on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Finally, Robert W. Baird lifted their target price on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Insiders Place Their Bets

In other news, CEO Todd Kahn sold 21,107 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total value of $1,772,988.00. Following the completion of the transaction, the chief executive officer now owns 176,985 shares of the company’s stock, valued at $14,866,740. The trade was a 10.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of the transaction, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. This represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,537 shares of company stock worth $5,730,589. Insiders own 1.18% of the company’s stock.

Tapestry Company 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.