Clifford Swan Investment Counsel LLC Reduces Holdings in Tapestry, Inc. (NYSE:TPR)

Clifford Swan Investment Counsel LLC lowered its stake in Tapestry, Inc. (NYSE:TPR) by 2.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 87,693 shares of the luxury accessories retailer’s stock after selling 2,527 shares during the quarter. Clifford Swan Investment Counsel LLC’s holdings in Tapestry were worth $5,729,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of TPR. Erste Asset Management GmbH acquired a new position in shares of Tapestry in the third quarter worth $64,016,000. WT Asset Management Ltd acquired a new stake in shares of Tapestry during the fourth quarter valued at $42,762,000. Bank of Montreal Can increased its position in Tapestry by 76.6% during the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock worth $59,641,000 after purchasing an additional 539,793 shares in the last quarter. Allianz Asset Management GmbH raised its stake in Tapestry by 16.4% in the 4th quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock valued at $138,596,000 after purchasing an additional 298,409 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Tapestry by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after purchasing an additional 272,007 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Scott A. Roe sold 25,727 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of the sale, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. This trade represents a 14.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Kahn sold 7,786 shares of the business’s stock in a transaction on Friday, February 21st. The stock was 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 owns 201,531 shares in the company, valued at $17,652,100.29. This represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock worth $5,730,589 over the last quarter. 1.18% of the stock is owned by corporate insiders.

Analyst Ratings Changes

TPR has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price target on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Wells Fargo & Company lifted their target price on shares of Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Telsey Advisory Group boosted their price target on Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a report on Monday, February 3rd. Barclays raised their price objective on Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Finally, Raymond James reiterated an “outperform” rating and issued a $88.00 target price (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $78.53.

Tapestry Trading Up 1.3 %

NYSE TPR opened at $85.38 on Friday. The firm has a market capitalization of $17.67 billion, a price-to-earnings ratio of 24.75, a PEG ratio of 2.01 and a beta of 1.58. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The company’s 50 day moving average price is $74.79 and its 200 day moving average price is $58.26.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period last year, the company earned $1.63 earnings per share. On average, sell-side analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

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

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.