Jacobi Capital Management LLC Decreases Stake in Tapestry, Inc. (NYSE:TPR)

Jacobi Capital Management LLC cut its holdings in Tapestry, Inc. (NYSE:TPR) by 21.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 8,001 shares of the luxury accessories retailer’s stock after selling 2,201 shares during the quarter. Jacobi Capital Management LLC’s holdings in Tapestry were worth $523,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Metis Global Partners LLC boosted its position in Tapestry by 91.3% during the fourth quarter. Metis Global Partners LLC now owns 8,380 shares of the luxury accessories retailer’s stock worth $547,000 after purchasing an additional 3,999 shares in the last quarter. US Bancorp DE boosted its position in Tapestry by 18.1% during the fourth quarter. US Bancorp DE now owns 17,440 shares of the luxury accessories retailer’s stock worth $1,139,000 after purchasing an additional 2,676 shares in the last quarter. SVB Wealth LLC purchased a new stake in Tapestry during the fourth quarter worth $303,000. Parkside Financial Bank & Trust boosted its position in Tapestry by 13.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer’s stock worth $104,000 after purchasing an additional 182 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its position in Tapestry by 3.5% during the fourth quarter. QRG Capital Management Inc. now owns 12,747 shares of the luxury accessories retailer’s stock worth $833,000 after purchasing an additional 430 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the sale, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Todd Kahn sold 21,107 shares of the company’s stock in a transaction dated 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 completion of the sale, 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 66,537 shares of company stock worth $5,730,589 over the last three months. 1.18% of the stock is owned by insiders.

Tapestry Stock Performance

Shares of NYSE:TPR opened at $85.38 on Monday. The firm has a market capitalization of $17.67 billion, a PE ratio of 24.75, a P/E/G ratio of 2.01 and a beta of 1.58. 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 business has a 50-day moving average of $74.79 and a two-hundred day moving average of $58.41. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85.

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

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.64%. Tapestry’s dividend payout ratio is presently 40.58%.

Wall Street Analyst Weigh In

A number of research firms have commented on TPR. BMO Capital Markets boosted their target price on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, November 18th. JPMorgan Chase & Co. upped their price objective on Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Telsey Advisory Group upped their price objective on Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Wells Fargo & Company upped their price objective on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Finally, Raymond James restated an “outperform” rating and issued a $88.00 price objective (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $78.53.

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.