Hsbc Holdings PLC Trims Position in Tapestry, Inc. (NYSE:TPR)

Hsbc Holdings PLC decreased its holdings in Tapestry, Inc. (NYSE:TPR) by 62.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 233,593 shares of the luxury accessories retailer’s stock after selling 386,286 shares during the quarter. Hsbc Holdings PLC’s holdings in Tapestry were worth $15,264,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Venturi Wealth Management LLC raised its stake in Tapestry by 78.0% during the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after purchasing an additional 252 shares during the period. Canada Post Corp Registered Pension Plan acquired a new stake in shares of Tapestry during the 4th quarter worth $48,000. UMB Bank n.a. raised its position in shares of Tapestry by 72.9% in the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after buying an additional 496 shares during the period. Brown Brothers Harriman & Co. boosted its holdings in Tapestry by 1,792.1% in the fourth quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer’s stock valued at $78,000 after acquiring an additional 1,129 shares during the last quarter. Finally, Atlas Capital Advisors Inc. grew its position in Tapestry by 527.2% during the fourth quarter. Atlas Capital Advisors Inc. now owns 1,267 shares of the luxury accessories retailer’s stock valued at $83,000 after acquiring an additional 1,065 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on TPR shares. Morgan Stanley restated an “equal weight” rating and issued a $65.00 price objective on shares of Tapestry in a report on Tuesday, January 21st. Evercore ISI lifted their price objective on Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. JPMorgan Chase & Co. boosted their price objective on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Raymond James reissued an “outperform” rating and issued a $88.00 target price (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Finally, Jefferies Financial Group upped their price target on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $78.26.

Insider Activity at Tapestry

In other news, CEO Todd Kahn sold 7,786 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the sale, the chief executive officer now directly owns 201,531 shares in the company, valued at approximately $17,652,100.29. The trade was 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 this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the transaction, the chief financial officer now owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,537 shares of company stock valued at $5,730,589 over the last three months. 1.18% of the stock is owned by insiders.

Tapestry Price Performance

TPR stock opened at $68.82 on Monday. The company has a market capitalization of $14.25 billion, a PE ratio of 19.95, a P/E/G ratio of 2.01 and a beta of 1.37. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The stock’s 50 day moving average is $72.15 and its two-hundred day moving average is $66.14. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period in the previous year, the firm earned $1.63 EPS. Analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were paid a $0.35 dividend. The ex-dividend date was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.03%. Tapestry’s dividend payout ratio (DPR) is 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.