Envestnet Asset Management Inc. Trims Position in Tapestry, Inc. (NYSE:TPR)

Envestnet Asset Management Inc. trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 8.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 415,084 shares of the luxury accessories retailer’s stock after selling 40,367 shares during the period. Envestnet Asset Management Inc.’s holdings in Tapestry were worth $27,117,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in TPR. Venturi Wealth Management LLC boosted its holdings in Tapestry by 78.0% in the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after purchasing an additional 252 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Tapestry by 72.9% in the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock valued at $77,000 after buying an additional 496 shares during the period. Brown Brothers Harriman & Co. boosted its stake in shares of Tapestry by 1,792.1% in the fourth quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer’s stock worth $78,000 after buying an additional 1,129 shares during the last quarter. Atlas Capital Advisors Inc. grew its holdings in Tapestry by 527.2% during the fourth quarter. Atlas Capital Advisors Inc. now owns 1,267 shares of the luxury accessories retailer’s stock worth $83,000 after acquiring an additional 1,065 shares during the period. Finally, Resona Asset Management Co. Ltd. purchased a new position in Tapestry during the fourth quarter valued at approximately $95,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

NYSE:TPR opened at $63.40 on Friday. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The stock has a market cap of $13.13 billion, a PE ratio of 18.38, a P/E/G ratio of 2.01 and a beta of 1.37. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The stock has a 50 day moving average price of $75.82 and a 200 day moving average price of $64.69.

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 analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period in the prior year, the firm posted $1.63 earnings per share. Equities research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 2.21%. Tapestry’s payout ratio is 40.58%.

Insider Activity

In related news, 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 in the company, valued at approximately $3,397,592. The trade was a 23.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Kahn sold 7,786 shares of the company’s stock in a transaction dated 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 directly owns 201,531 shares in the company, valued at $17,652,100.29. The trade was a 3.72 % 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 in the last 90 days. Company insiders own 1.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Robert W. Baird raised their price objective 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. Evercore ISI lifted their price objective on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a report on Monday, January 27th. UBS Group increased their target price 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. The Goldman Sachs Group lifted their price target on Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday, April 8th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $77.63.

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.