Sei Investments Co. Sells 156,682 Shares of Tapestry, Inc. (NYSE:TPR)

Sei Investments Co. trimmed its stake in shares of Tapestry, Inc. (NYSE:TPR) by 44.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 195,758 shares of the luxury accessories retailer’s stock after selling 156,682 shares during the quarter. Sei Investments Co. owned approximately 0.08% of Tapestry worth $12,789,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Cerity Partners LLC increased its stake in shares of Tapestry by 179.1% in the third quarter. Cerity Partners LLC now owns 116,106 shares of the luxury accessories retailer’s stock worth $5,455,000 after buying an additional 74,509 shares during the period. Kingsview Wealth Management LLC increased its position in shares of Tapestry by 25.3% in the third quarter. Kingsview Wealth Management LLC now owns 6,661 shares of the luxury accessories retailer’s stock valued at $313,000 after acquiring an additional 1,346 shares during the period. Daiwa Securities Group Inc. raised its stake in shares of Tapestry by 14.9% during the third quarter. Daiwa Securities Group Inc. now owns 10,619 shares of the luxury accessories retailer’s stock valued at $499,000 after acquiring an additional 1,380 shares during the last quarter. Independent Advisor Alliance boosted its holdings in shares of Tapestry by 6.7% during the third quarter. Independent Advisor Alliance now owns 6,694 shares of the luxury accessories retailer’s stock worth $314,000 after purchasing an additional 419 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Tapestry by 0.4% in the third quarter. The Manufacturers Life Insurance Company now owns 182,432 shares of the luxury accessories retailer’s stock worth $8,571,000 after purchasing an additional 711 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TPR shares. Morgan Stanley reiterated an “equal weight” rating and issued a $65.00 price objective on shares of Tapestry in a report on Tuesday, January 21st. Redburn Atlantic raised Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price for the company in a research report on Tuesday, February 18th. Guggenheim lifted their price target on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Robert W. Baird boosted their price target on Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Finally, Barclays lifted their price objective on Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $78.53.

Insider Transactions at Tapestry

In other news, CFO Scott A. Roe sold 25,727 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the sale, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction on 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 transaction, the general counsel now owns 38,609 shares in the company, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,537 shares of company stock worth $5,730,589 in the last three months. Corporate insiders own 1.18% of the company’s stock.

Tapestry Trading Down 3.4 %

NYSE:TPR opened at $70.25 on Friday. The company has a market cap of $14.54 billion, a PE ratio of 20.36, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The company has a 50 day simple moving average of $77.65 and a two-hundred day simple moving average of $62.79. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85.

Tapestry (NYSE:TPR) last issued its quarterly earnings data 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 period last year, the company earned $1.63 earnings per share. Research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently announced 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. The ex-dividend date 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%.

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.