Tapestry, Inc. (NYSE:TPR) Shares Sold by Cypress Capital Group

Cypress Capital Group trimmed its position in shares of Tapestry, Inc. (NYSE:TPR) by 18.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,799 shares of the luxury accessories retailer’s stock after selling 3,461 shares during the period. Cypress Capital Group’s holdings in Tapestry were worth $1,032,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TPR. Van ECK Associates Corp boosted its stake in Tapestry by 7.2% during the 3rd quarter. Van ECK Associates Corp now owns 111,184 shares of the luxury accessories retailer’s stock valued at $4,841,000 after purchasing an additional 7,493 shares during the period. Asset Management One Co. Ltd. boosted its stake in Tapestry by 22.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 4,558 shares of the luxury accessories retailer’s stock valued at $214,000 after purchasing an additional 832 shares during the period. Radnor Capital Management LLC acquired a new position in Tapestry during the 3rd quarter valued at about $894,000. Foster & Motley Inc. lifted its stake in shares of Tapestry by 111.4% in the 3rd quarter. Foster & Motley Inc. now owns 30,159 shares of the luxury accessories retailer’s stock worth $1,417,000 after acquiring an additional 15,895 shares during the period. Finally, Umpqua Bank acquired a new stake in shares of Tapestry in the 3rd quarter worth approximately $208,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Down 0.2 %

TPR stock opened at $81.12 on Thursday. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85. The company’s 50 day simple moving average is $75.49 and its 200-day simple moving average is $59.01. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The firm has a market capitalization of $16.79 billion, a P/E ratio of 23.51, a P/E/G ratio of 2.01 and a beta of 1.58.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating 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 period last year, the firm posted $1.63 EPS. As a group, equities research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be paid a $0.35 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.73%. Tapestry’s dividend payout ratio is presently 40.58%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Robert W. Baird upped their price target on shares of Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Telsey Advisory Group upped their price target on shares of Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $65.00 price target on shares of Tapestry in a research note on Tuesday, January 21st. Jefferies Financial Group upped their price target on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Finally, UBS Group upped their price target on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Insider Buying and Selling at Tapestry

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction that occurred 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 transaction, the general counsel now owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Kahn sold 7,786 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the transaction, the chief executive officer now owns 201,531 shares in the company, valued at approximately $17,652,100.29. This represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is currently owned by company insiders.

About Tapestry

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.