Empowered Funds LLC Sells 29,617 Shares of Tapestry, Inc. (NYSE:TPR)

Empowered Funds LLC reduced its position in shares of Tapestry, Inc. (NYSE:TPR) by 14.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 173,874 shares of the luxury accessories retailer’s stock after selling 29,617 shares during the quarter. Empowered Funds LLC’s holdings in Tapestry were worth $11,359,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. increased its stake in Tapestry by 7.5% during the 3rd quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after purchasing an additional 30,121 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Tapestry during the 3rd quarter valued at about $5,446,000. Valley Wealth Managers Inc. increased its stake in Tapestry by 2.1% during the 3rd quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after purchasing an additional 8,833 shares in the last quarter. Decker Retirement Planning Inc. bought a new stake in Tapestry during the 4th quarter valued at about $3,437,000. Finally, Westfield Capital Management Co. LP increased its stake in Tapestry by 14.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after purchasing an additional 219,544 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the transaction, the vice president now owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.18% of the company’s stock.

Tapestry Price Performance

Shares of NYSE:TPR opened at $80.28 on Friday. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 4.38. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $87.87. The company has a market capitalization of $18.71 billion, a P/E ratio of 23.27, a P/E/G ratio of 2.30 and a beta of 1.58. The firm’s 50 day simple moving average is $68.08 and its two-hundred day simple moving average is $53.36.

Tapestry (NYSE:TPR) last released 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 net margin of 11.74% and a return on equity of 44.00%. During the same period in the prior year, the firm earned $1.63 EPS. Research analysts expect that Tapestry, Inc. will post 4.7 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on TPR shares. TD Cowen lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research note on Tuesday, October 29th. Wells Fargo & Company lifted their price target 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. Bank of America lifted their price target on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Morgan Stanley reiterated an “equal weight” rating and issued a $65.00 price target on shares of Tapestry in a research note on Tuesday, January 21st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Tapestry from $66.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $73.17.

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.