Orion Portfolio Solutions LLC Reduces Stock Position in Tapestry, Inc. (NYSE:TPR)

Orion Portfolio Solutions LLC cut its holdings in Tapestry, Inc. (NYSE:TPR) by 3.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 54,670 shares of the luxury accessories retailer’s stock after selling 2,244 shares during the period. Orion Portfolio Solutions LLC’s holdings in Tapestry were worth $3,572,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Pictet Asset Management Holding SA increased its stake in Tapestry by 767.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 464,478 shares of the luxury accessories retailer’s stock valued at $30,344,000 after purchasing an additional 410,918 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Tapestry by 17.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 5,029 shares of the luxury accessories retailer’s stock valued at $329,000 after buying an additional 754 shares during the period. Norges Bank acquired a new position in shares of Tapestry during the 4th quarter valued at about $114,199,000. NEOS Investment Management LLC lifted its holdings in shares of Tapestry by 28.6% during the 4th quarter. NEOS Investment Management LLC now owns 11,171 shares of the luxury accessories retailer’s stock worth $730,000 after acquiring an additional 2,483 shares during the period. Finally, WINTON GROUP Ltd grew its holdings in Tapestry by 351.7% in the fourth quarter. WINTON GROUP Ltd now owns 126,150 shares of the luxury accessories retailer’s stock valued at $8,241,000 after purchasing an additional 98,225 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Transactions at Tapestry

In other news, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the completion of the transaction, the chief executive officer now owns 176,985 shares in the company, valued at approximately $14,866,740. This trade represents a 10.66 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the sale, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,537 shares of company stock valued at $5,730,589. Insiders own 1.18% of the company’s stock.

Tapestry Trading Down 3.4 %

Shares of TPR opened at $70.25 on Monday. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The stock has a 50-day moving average price of $77.65 and a 200 day moving average price of $63.09. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The company has a market capitalization of $14.54 billion, a P/E ratio of 20.36, a P/E/G ratio of 2.01 and a beta of 1.57.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating 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 previous year, the company posted $1.63 earnings per share. Sell-side analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

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

Wall Street Analyst Weigh In

TPR has been the topic of a number of recent analyst reports. Wells Fargo & Company increased 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. Raymond James reissued an “outperform” rating and set a $88.00 price target (up previously from $79.00) on shares of Tapestry in a research report on Friday, February 7th. The Goldman Sachs Group raised their price objective on Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, February 7th. JPMorgan Chase & Co. boosted their target price on Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, Robert W. Baird raised their price target on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and an average target price of $78.53.

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.