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

Envestnet Portfolio Solutions Inc. trimmed its position in Tapestry, Inc. (NYSE:TPR) by 53.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,384 shares of the luxury accessories retailer’s stock after selling 8,529 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Tapestry were worth $520,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Friedenthal Financial increased its position in Tapestry by 10.8% during the 1st quarter. Friedenthal Financial now owns 13,594 shares of the luxury accessories retailer’s stock valued at $957,000 after buying an additional 1,321 shares in the last quarter. Johnson Investment Counsel Inc. grew its holdings in Tapestry by 5.1% in the first quarter. Johnson Investment Counsel Inc. now owns 11,615 shares of the luxury accessories retailer’s stock valued at $818,000 after purchasing an additional 562 shares during the period. CWA Asset Management Group LLC boosted its stake in shares of Tapestry by 23.9% in the first quarter. CWA Asset Management Group LLC now owns 70,179 shares of the luxury accessories retailer’s stock worth $4,941,000 after acquiring an additional 13,539 shares during the last quarter. Inscription Capital LLC acquired a new stake in shares of Tapestry in the first quarter worth approximately $341,000. Finally, QRG Capital Management Inc. boosted its stake in Tapestry by 39.7% during the first quarter. QRG Capital Management Inc. now owns 17,813 shares of the luxury accessories retailer’s stock worth $1,254,000 after buying an additional 5,066 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TPR has been the topic of a number of research analyst reports. Citigroup lifted their target price on Tapestry from $81.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Barclays boosted their target price on Tapestry from $83.00 to $98.00 and gave the stock an “overweight” rating in a research note on Monday, May 12th. Morgan Stanley upgraded Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective on the stock in a report on Thursday, May 8th. Telsey Advisory Group reissued an “outperform” rating and issued a $92.00 target price on shares of Tapestry in a research report on Friday, May 9th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $100.00 price objective (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Three equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average price target of $88.78.

Tapestry Stock Performance

NYSE TPR opened at $86.31 on Friday. The business has a 50 day moving average price of $77.93 and a 200 day moving average price of $73.99. The company has a market capitalization of $17.93 billion, a P/E ratio of 22.71, a PEG ratio of 1.90 and a beta of 1.46. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter last year, the firm earned $0.81 earnings per share. The business’s revenue was up 6.9% on a year-over-year basis. Sell-side analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.62%. The ex-dividend date was Friday, June 6th. Tapestry’s dividend payout ratio is currently 36.84%.

Insider Activity

In other news, CEO Todd Kahn sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the sale, the chief executive officer now directly owns 116,062 shares in the company, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the sale, the vice president now owns 40,922 shares of the company’s stock, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company’s stock.

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.