Allspring Global Investments Holdings LLC Sells 6,899 Shares of Tapestry, Inc. (NYSE:TPR)

Allspring Global Investments Holdings LLC cut its holdings in Tapestry, Inc. (NYSE:TPRGet Rating) by 4.8% during the third quarter, Holdings Channel reports. The firm owned 135,657 shares of the luxury accessories retailer’s stock after selling 6,899 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Tapestry were worth $3,856,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. TD Asset Management Inc. lifted its holdings in shares of Tapestry by 7.5% in the second quarter. TD Asset Management Inc. now owns 143,179 shares of the luxury accessories retailer’s stock worth $4,370,000 after buying an additional 9,953 shares in the last quarter. Absher Wealth Management LLC boosted its holdings in shares of Tapestry by 1.6% during the 3rd quarter. Absher Wealth Management LLC now owns 54,936 shares of the luxury accessories retailer’s stock valued at $1,562,000 after purchasing an additional 852 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Tapestry by 43.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,657 shares of the luxury accessories retailer’s stock valued at $142,000 after purchasing an additional 1,421 shares in the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of Tapestry by 399.2% in the second quarter. BNP Paribas Arbitrage SA now owns 652,949 shares of the luxury accessories retailer’s stock worth $19,928,000 after purchasing an additional 522,138 shares during the last quarter. Finally, Aspire Private Capital LLC lifted its position in shares of Tapestry by 70.7% in the second quarter. Aspire Private Capital LLC now owns 14,399 shares of the luxury accessories retailer’s stock worth $439,000 after buying an additional 5,964 shares in the last quarter. 92.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on TPR shares. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research note on Wednesday, December 21st. Sanford C. Bernstein cut shares of Tapestry from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 5th. Credit Suisse Group decreased their price target on shares of Tapestry to $45.00 in a research note on Wednesday, November 16th. TheStreet raised shares of Tapestry from a “c+” rating to a “b-” rating in a research note on Monday, September 26th. Finally, Citigroup decreased their target price on shares of Tapestry from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, November 14th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Tapestry has an average rating of “Moderate Buy” and an average target price of $44.88.

Tapestry Trading Up 0.6 %

TPR opened at $43.63 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.95 and a current ratio of 1.82. The stock’s 50 day moving average price is $37.68 and its 200-day moving average price is $34.52. Tapestry, Inc. has a one year low of $26.39 and a one year high of $43.75. The stock has a market cap of $10.51 billion, a price-to-earnings ratio of 13.85, a P/E/G ratio of 0.96 and a beta of 1.36.

Tapestry (NYSE:TPRGet Rating) last posted its quarterly earnings data on Thursday, November 10th. The luxury accessories retailer reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. Tapestry had a return on equity of 35.86% and a net margin of 12.29%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. On average, equities analysts forecast that Tapestry, Inc. will post 3.63 EPS for the current year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 27th. Investors of record on Friday, December 9th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend was Thursday, December 8th. Tapestry’s dividend payout ratio is presently 38.10%.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,582 shares of the company’s stock in a transaction dated Friday, December 2nd. The shares were sold at an average price of $38.53, for a total value of $60,954.46. Following the transaction, the vice president now directly owns 39,375 shares in the company, valued at approximately $1,517,118.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.81% of the stock is currently owned by company insiders.

Tapestry Company Profile

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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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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