Axxcess Wealth Management LLC Trims Stock Position in Tapestry, Inc. (NYSE:TPR)

Axxcess Wealth Management LLC cut its stake in shares of Tapestry, Inc. (NYSE:TPR) by 7.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,731 shares of the luxury accessories retailer’s stock after selling 369 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Tapestry were worth $309,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of TPR. Erste Asset Management GmbH purchased a new position in shares of Tapestry during the third quarter worth approximately $64,016,000. WT Asset Management Ltd bought a new position in shares of Tapestry during the fourth quarter valued at approximately $42,762,000. Raymond James Financial Inc. bought a new position in shares of Tapestry during the fourth quarter valued at approximately $38,180,000. Bank of Montreal Can boosted its stake in shares of Tapestry by 76.6% during the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after purchasing an additional 539,793 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Tapestry by 5.0% during 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 purchasing an additional 382,856 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the completion of the transaction, the chief executive officer now directly owns 176,985 shares of the company’s stock, valued at $14,866,740. The trade was a 10.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,537 shares of company stock valued at $5,730,589 over the last 90 days. Insiders own 1.18% of the company’s stock.

Tapestry Trading Up 0.1 %

NYSE:TPR opened at $72.99 on Friday. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The firm has a fifty day simple moving average of $77.17 and a 200-day simple moving average of $61.81. 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 company has a market capitalization of $15.11 billion, a P/E ratio of 21.16, a PEG ratio of 2.01 and a beta of 1.57.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm earned $1.63 earnings per share. On average, equities research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be issued a dividend of $0.35 per share. The ex-dividend date is Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.92%. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TPR shares. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Telsey Advisory Group increased their price objective on shares of Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective on the stock in a research note on Tuesday, February 18th. Raymond James restated an “outperform” rating and issued a $88.00 target price (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Finally, JPMorgan Chase & Co. raised their target price on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.53.

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.