Prudential Financial Inc. Has $8.32 Million Stock Position in Tapestry, Inc. (NYSE:TPR)

Prudential Financial Inc. cut its position in Tapestry, Inc. (NYSE:TPR) by 27.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 127,282 shares of the luxury accessories retailer’s stock after selling 47,494 shares during the period. Prudential Financial Inc. owned 0.05% of Tapestry worth $8,315,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its position in Tapestry by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock worth $522,471,000 after acquiring an additional 382,856 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Tapestry by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after purchasing an additional 80,681 shares during the last quarter. Allianz Asset Management GmbH increased its stake in shares of Tapestry by 16.4% in the 4th quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock valued at $138,596,000 after buying an additional 298,409 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Tapestry by 8.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,414,618 shares of the luxury accessories retailer’s stock worth $66,459,000 after purchasing an additional 115,340 shares during the period. Finally, Erste Asset Management GmbH acquired a new position in Tapestry during the 3rd quarter valued at about $64,016,000. 90.77% of the stock is owned by institutional investors.

Insider Buying and Selling at Tapestry

In related news, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of the transaction, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. This represents a 14.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the transaction, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. This trade represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,537 shares of company stock worth $5,730,589. Insiders own 1.18% of the company’s stock.

Tapestry Stock Performance

TPR opened at $70.25 on Friday. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The company has a market capitalization of $14.54 billion, a price-to-earnings ratio of 20.36, a P/E/G ratio of 2.01 and a beta of 1.57. The business’s 50-day moving average price is $77.65 and its two-hundred day moving average price is $62.94. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85.

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

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date was Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is currently 40.58%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TPR. Raymond James reiterated 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. Guggenheim upped their target price 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. Barclays raised their price target on Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Wells Fargo & Company upped their price objective on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Finally, Telsey Advisory Group raised their target price on Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $78.53.

Tapestry Company 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.