CIBC Private Wealth Group LLC Lowers Stock Holdings in Tapestry, Inc. (NYSE:TPR)

CIBC Private Wealth Group LLC cut its stake in shares of Tapestry, Inc. (NYSE:TPR) by 3.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,991 shares of the luxury accessories retailer’s stock after selling 251 shares during the period. CIBC Private Wealth Group LLC’s holdings in Tapestry were worth $479,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in TPR. Norges Bank purchased a new stake in shares of Tapestry during the fourth quarter worth approximately $114,199,000. WT Asset Management Ltd purchased a new position in Tapestry during the 4th quarter worth $42,762,000. Raymond James Financial Inc. purchased a new stake in shares of Tapestry in the fourth quarter valued at about $38,180,000. Pictet Asset Management Holding SA increased its stake in shares of Tapestry by 767.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 464,478 shares of the luxury accessories retailer’s stock worth $30,344,000 after acquiring an additional 410,918 shares during the period. Finally, Keystone Investors PTE Ltd. purchased a new position in Tapestry during the fourth quarter worth about $26,541,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on TPR shares. Barclays lifted their price objective on Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, February 7th. UBS Group increased their price objective on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Telsey Advisory Group raised their target price on Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a report on Monday, February 3rd. Morgan Stanley reaffirmed an “equal weight” rating and set a $65.00 price target on shares of Tapestry in a research note on Tuesday, January 21st. Finally, Evercore ISI boosted their price objective on shares of Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

Tapestry Trading Down 3.6 %

Shares of TPR stock opened at $62.78 on Friday. The company has a market capitalization of $13.00 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 2.01 and a beta of 1.57. 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 firm has a 50-day moving average price of $77.22 and a 200 day moving average price of $63.87. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) 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 quarter in the prior year, the business earned $1.63 EPS. Research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.23%. The ex-dividend date was Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is 40.58%.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the transaction, the chief executive officer now owns 176,985 shares in the company, valued at approximately $14,866,740. This trade represents a 10.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of the business’s stock in a transaction dated 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 sale, the general counsel now directly owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,537 shares of company stock valued at $5,730,589. Insiders own 1.18% of the company’s stock.

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.