Tapestry, Inc. (NYSE:TPR) Shares Sold by Coronation Fund Managers Ltd.

Coronation Fund Managers Ltd. cut its stake in Tapestry, Inc. (NYSE:TPR) by 70.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 201,593 shares of the luxury accessories retailer’s stock after selling 471,640 shares during the period. Coronation Fund Managers Ltd.’s holdings in Tapestry were worth $14,194,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Resona Asset Management Co. Ltd. purchased a new position in Tapestry in the fourth quarter valued at approximately $95,000. Russell Investments Group Ltd. raised its stake in shares of Tapestry by 6.2% during the fourth quarter. Russell Investments Group Ltd. now owns 130,208 shares of the luxury accessories retailer’s stock valued at $8,506,000 after purchasing an additional 7,640 shares during the period. Cerity Partners LLC raised its stake in shares of Tapestry by 6.2% during the fourth quarter. Cerity Partners LLC now owns 123,341 shares of the luxury accessories retailer’s stock valued at $7,667,000 after purchasing an additional 7,235 shares during the period. FIL Ltd purchased a new stake in shares of Tapestry during the fourth quarter valued at approximately $3,820,000. Finally, Renaissance Technologies LLC raised its stake in shares of Tapestry by 130.1% during the fourth quarter. Renaissance Technologies LLC now owns 111,811 shares of the luxury accessories retailer’s stock valued at $7,305,000 after purchasing an additional 63,211 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Performance

Tapestry stock opened at $108.99 on Friday. Tapestry, Inc. has a 12 month low of $37.13 and a 12 month high of $113.08. The company has a fifty day moving average price of $94.16 and a two-hundred day moving average price of $81.62. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The company has a market cap of $22.64 billion, a PE ratio of 28.68, a P/E/G ratio of 2.20 and a beta of 1.51.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.14. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. Research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Argus lifted their price objective on shares of Tapestry from $78.00 to $92.00 and gave the company a “buy” rating in a research note on Tuesday, June 17th. Barclays reiterated an “overweight” rating and set a $105.00 price objective (up previously from $98.00) on shares of Tapestry in a research note on Friday, July 11th. UBS Group reiterated a “neutral” rating and set a $112.00 price objective (up previously from $73.00) on shares of Tapestry in a research note on Monday, August 4th. Telsey Advisory Group reiterated an “outperform” rating and set a $92.00 price objective on shares of Tapestry in a research note on Friday, May 9th. Finally, Morgan Stanley lifted their price target on shares of Tapestry from $90.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Four analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $99.72.

Insider Transactions at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the sale, the vice president directly owned 40,922 shares in the company, valued at approximately $3,350,693.36. The trade was a 3.31% 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 this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the sale, the chief executive officer owned 116,062 shares in the company, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

Tapestry Company 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.