Poplar Forest Capital LLC Sells 91,259 Shares of Tapestry, Inc. (NYSE:TPR)

Poplar Forest Capital LLC cut its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 25.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 273,339 shares of the luxury accessories retailer’s stock after selling 91,259 shares during the period. Tapestry comprises approximately 3.3% of Poplar Forest Capital LLC’s investment portfolio, making the stock its 14th biggest position. Poplar Forest Capital LLC owned 0.12% of Tapestry worth $17,857,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TPR. Erste Asset Management GmbH bought a new stake in Tapestry during the third quarter worth $64,016,000. WT Asset Management Ltd bought a new stake in Tapestry during the fourth quarter worth $42,762,000. Bank of Montreal Can lifted its stake in Tapestry by 76.6% during 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 purchasing an additional 539,793 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in Tapestry by 16.4% during the fourth quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock worth $138,596,000 after purchasing an additional 298,409 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Tapestry by 3.7% during 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 buying an additional 272,007 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 7,786 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the transaction, the chief executive officer now owns 201,531 shares of the company’s stock, valued at approximately $17,652,100.29. This trade represents a 3.72 % 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 firm’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the transaction, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. The trade was a 23.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock valued at $5,730,589 in the last 90 days. 1.18% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wells Fargo & Company upped their price target on shares of Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. UBS Group upped their price target on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. JPMorgan Chase & Co. upped 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. Raymond James reiterated an “outperform” rating and set a $88.00 price target (up from $79.00) on shares of Tapestry in a report on Friday, February 7th. Finally, Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price target for the company in a report on Tuesday, February 18th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Tapestry Price Performance

TPR stock opened at $85.38 on Friday. The stock has a market capitalization of $17.67 billion, a PE ratio of 24.75, a price-to-earnings-growth ratio of 2.01 and a beta of 1.58. The company’s 50-day moving average is $74.79 and its 200-day moving average is $58.12. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85.

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 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 previous year, the firm posted $1.63 EPS. Equities research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders 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 1.64%. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

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.