Handelsinvest Investeringsforvaltning Sells 2,918 Shares of Tapestry, Inc. (NYSE:TPR)

Handelsinvest Investeringsforvaltning lessened its stake in Tapestry, Inc. (NYSE:TPR) by 34.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,621 shares of the luxury accessories retailer’s stock after selling 2,918 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Tapestry were worth $267,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in Tapestry by 3,778.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock worth $46,000 after purchasing an additional 1,209 shares during the period. AllSquare Wealth Management LLC grew its position in Tapestry by 35.1% in the 3rd quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock worth $47,000 after purchasing an additional 423 shares during the period. First Horizon Advisors Inc. boosted its stake in shares of Tapestry by 334.7% during the 4th quarter. First Horizon Advisors Inc. now owns 1,504 shares of the luxury accessories retailer’s stock worth $55,000 after acquiring an additional 1,158 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Tapestry by 130.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,500 shares of the luxury accessories retailer’s stock worth $55,000 after acquiring an additional 848 shares during the last quarter. Finally, Principal Securities Inc. purchased a new position in shares of Tapestry during the 4th quarter worth $57,000. Institutional investors own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on TPR shares. StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, May 23rd. Robert W. Baird dropped their price target on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, May 10th. Bernstein Bank lifted their target price on shares of Tapestry from $46.00 to $48.00 in a research note on Thursday, May 9th. Argus restated a “buy” rating and set a $52.00 target price on shares of Tapestry in a research note on Tuesday, June 18th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average target price of $48.53.

Tapestry Price Performance

Shares of Tapestry stock traded down $0.37 during trading hours on Wednesday, reaching $40.17. The company’s stock had a trading volume of 97,772 shares, compared to its average volume of 3,471,957. The firm has a 50 day moving average price of $41.60 and a 200-day moving average price of $41.92. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98. The stock has a market cap of $9.23 billion, a P/E ratio of 10.72, a P/E/G ratio of 0.93 and a beta of 1.59.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 EPS for the quarter, beating the consensus estimate of $0.67 by $0.14. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The firm’s revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.78 EPS. On average, analysts predict that Tapestry, Inc. will post 4.22 EPS for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, June 7th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $1.40 annualized dividend and a yield of 3.49%. Tapestry’s payout ratio is 37.04%.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 2,500 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $42.23, for a total transaction of $105,575.00. Following the transaction, the vice president now directly owns 37,173 shares in the company, valued at approximately $1,569,815.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.93% of the stock is currently owned by insiders.

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.