Jacobi Capital Management LLC Lowers Stock Position in Tapestry, Inc. (NYSE:TPR)

Jacobi Capital Management LLC cut its stake in shares of Tapestry, Inc. (NYSE:TPR) by 3.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,794 shares of the luxury accessories retailer’s stock after selling 366 shares during the period. Jacobi Capital Management LLC’s holdings in Tapestry were worth $560,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Edgestream Partners L.P. boosted its position in Tapestry by 17.4% during the 1st quarter. Edgestream Partners L.P. now owns 41,789 shares of the luxury accessories retailer’s stock worth $1,984,000 after purchasing an additional 6,206 shares during the period. M&G Plc purchased a new stake in Tapestry during the 1st quarter worth $10,915,000. Banco Santander S.A. purchased a new stake in Tapestry during the 1st quarter worth $454,000. Blair William & Co. IL purchased a new stake in Tapestry during the 1st quarter worth $216,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Tapestry by 21.6% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 159,818 shares of the luxury accessories retailer’s stock worth $7,588,000 after purchasing an additional 28,355 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Performance

Shares of NYSE:TPR traded down $0.66 during trading hours on Tuesday, hitting $41.13. The stock had a trading volume of 293,260 shares, compared to its average volume of 3,346,613. The stock’s fifty day simple moving average is $42.18 and its 200 day simple moving average is $42.40. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80. The firm has a market capitalization of $9.45 billion, a price-to-earnings ratio of 11.06, a PEG ratio of 0.84 and a beta of 1.59. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.14. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The business’s revenue was down 2.0% on a year-over-year basis. During the same period last year, the firm posted $0.78 earnings per share. Sell-side analysts anticipate that Tapestry, Inc. will post 4.24 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 24th. Stockholders of record on Friday, June 7th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.40%. The ex-dividend date was Friday, June 7th. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Wall Street Analyst Weigh In

TPR has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their price target on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. Bernstein Bank upped their price objective on shares of Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. OTR Global reissued a “mixed” rating on shares of Tapestry in a research report on Wednesday, April 17th. Robert W. Baird decreased their price objective on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research report on Thursday, May 9th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $48.53.

Insider Activity

In other news, VP Manesh Dadlani sold 2,500 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $42.23, for a total value of $105,575.00. Following the completion of the transaction, the vice president now directly owns 37,173 shares in the company, valued at $1,569,815.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.93% 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.