Prudential Financial Inc. Sells 47,494 Shares of Tapestry, Inc. (NYSE:TPR)

Prudential Financial Inc. decreased its holdings in Tapestry, Inc. (NYSE:TPR) by 27.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 127,282 shares of the luxury accessories retailer’s stock after selling 47,494 shares during the quarter. Prudential Financial Inc.’s holdings in Tapestry were worth $8,315,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Venturi Wealth Management LLC raised its stake in Tapestry by 78.0% in the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after acquiring an additional 252 shares during the period. Brooklyn Investment Group bought a new position in shares of Tapestry in the third quarter valued at about $47,000. UMB Bank n.a. lifted its stake in shares of Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after buying an additional 496 shares during the last quarter. True Wealth Design LLC bought a new stake in shares of Tapestry during the 3rd quarter worth about $83,000. Finally, First Horizon Advisors Inc. grew its stake in Tapestry by 21.9% in the 4th quarter. First Horizon Advisors Inc. now owns 1,598 shares of the luxury accessories retailer’s stock valued at $104,000 after buying an additional 287 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Trading Down 3.4 %

Shares of TPR opened at $70.25 on Friday. 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 52-week low of $35.23 and a 52-week high of $90.85. The firm has a market cap of $14.54 billion, a price-to-earnings ratio of 20.36, a PEG ratio of 2.01 and a beta of 1.57. The business’s fifty day moving average is $77.65 and its 200-day moving average is $62.94.

Tapestry (NYSE:TPR) last issued its 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 in the prior year, the business earned $1.63 earnings per share. Equities analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.99%. Tapestry’s dividend payout ratio is currently 40.58%.

Insiders Place Their Bets

In other news, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the sale, the chief executive officer now directly owns 176,985 shares of the company’s stock, valued at approximately $14,866,740. This trade represents a 10.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the sale, the chief financial officer now owns 146,587 shares in the company, valued at approximately $12,688,570.72. This trade represents a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on TPR shares. Jefferies Financial Group raised their price objective on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. The Goldman Sachs Group boosted their price target on Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, February 7th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Barclays boosted their target price on shares of Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $78.53.

About Tapestry

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.