Valley Wealth Managers Inc. Sells 20,166 Shares of Tapestry, Inc. (NYSE:TPR)

Valley Wealth Managers Inc. cut its position in Tapestry, Inc. (NYSE:TPR) by 4.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 404,939 shares of the luxury accessories retailer’s stock after selling 20,166 shares during the period. Tapestry accounts for about 2.0% of Valley Wealth Managers Inc.’s investment portfolio, making the stock its 8th biggest position. Valley Wealth Managers Inc. owned 0.17% of Tapestry worth $26,455,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Erste Asset Management GmbH bought a new position in shares of Tapestry in the third quarter worth about $64,016,000. WT Asset Management Ltd bought a new position in shares of Tapestry in the fourth quarter worth about $42,762,000. Bank of Montreal Can raised its stake in shares of Tapestry by 76.6% in the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock worth $59,641,000 after acquiring an additional 539,793 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Tapestry by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after acquiring an additional 272,007 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in shares of Tapestry by 14.8% in the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after acquiring an additional 219,544 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Up 1.2 %

Tapestry stock opened at $87.68 on Tuesday. The company has a quick ratio of 4.38, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $88.07. The firm’s fifty day moving average is $70.61 and its 200 day moving average is $55.34. The company has a market capitalization of $20.43 billion, a PE ratio of 25.41, a PEG ratio of 2.30 and a beta of 1.58.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the firm posted $1.63 EPS. As a group, sell-side analysts predict 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. Investors of record on Thursday, March 6th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.60%. Tapestry’s payout ratio is presently 40.58%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group boosted their price target on shares of Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. BMO Capital Markets boosted their price target on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, November 18th. Daiwa America raised shares of Tapestry to a “hold” rating in a research note on Monday, November 18th. UBS Group boosted their price target on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $65.00 price target on shares of Tapestry in a research note on Tuesday, January 21st. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $74.78.

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.