Lifestyle Asset Management Inc. Has $1.22 Million Holdings in Tapestry, Inc. (NYSE:TPR)

Lifestyle Asset Management Inc. reduced its holdings in Tapestry, Inc. (NYSE:TPR) by 9.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,606 shares of the luxury accessories retailer’s stock after selling 2,752 shares during the quarter. Tapestry makes up approximately 0.7% of Lifestyle Asset Management Inc.’s holdings, making the stock its 29th largest holding. Lifestyle Asset Management Inc.’s holdings in Tapestry were worth $1,216,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Tapestry by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 31,554,418 shares of the luxury accessories retailer’s stock worth $907,190,000 after buying an additional 173,111 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Tapestry by 0.9% during the 4th quarter. Franklin Resources Inc. now owns 5,954,829 shares of the luxury accessories retailer’s stock valued at $219,197,000 after acquiring an additional 54,647 shares during the last quarter. Capital Research Global Investors raised its position in shares of Tapestry by 77.2% during the 4th quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer’s stock valued at $211,611,000 after acquiring an additional 2,504,135 shares during the last quarter. Ninety One UK Ltd raised its position in shares of Tapestry by 12.7% during the 4th quarter. Ninety One UK Ltd now owns 5,321,308 shares of the luxury accessories retailer’s stock valued at $195,877,000 after acquiring an additional 597,715 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Tapestry by 28.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 5,249,047 shares of the luxury accessories retailer’s stock valued at $150,916,000 after acquiring an additional 1,154,808 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 2,500 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $42.23, for a total transaction of $105,575.00. Following the completion of the transaction, the vice president now directly owns 37,173 shares of the company’s stock, valued at $1,569,815.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TPR. Argus reiterated a “buy” rating and set a $52.00 target price on shares of Tapestry in a research report on Tuesday, June 18th. Bernstein Bank upped their target price on shares of Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research report on Thursday, May 9th. Robert W. Baird lowered their price objective on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Finally, OTR Global restated a “mixed” rating on shares of Tapestry in a research report on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.53.

Tapestry Stock Down 0.9 %

Shares of NYSE:TPR traded down $0.35 during mid-day trading on Wednesday, reaching $40.19. 1,249,157 shares of the stock were exchanged, compared to its average volume of 3,481,022. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77. The company has a market cap of $9.23 billion, a P/E ratio of 10.63, a P/E/G ratio of 0.93 and a beta of 1.59. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80. The stock’s 50 day simple moving average is $41.60 and its 200-day simple moving average is $41.91.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.14. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the company earned $0.78 earnings per share. Tapestry’s quarterly revenue was down 2.0% on a year-over-year basis. As a group, equities research analysts predict that Tapestry, Inc. will post 4.22 EPS for the current year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, June 7th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $1.40 annualized dividend and a yield of 3.48%. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

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.