Tapestry, Inc. (NYSE:TPR) Shares Sold by Citigroup Inc.

Citigroup Inc. trimmed its position in shares of Tapestry, Inc. (NYSE:TPR – Get Rating) by 24.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 131,494 shares of the luxury accessories retailer’s stock after selling 43,515 shares during the period. Citigroup Inc.’s holdings in Tapestry were worth $5,007,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in TPR. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Tapestry during the 3rd quarter worth $33,655,000. Lazard Asset Management LLC increased its holdings in shares of Tapestry by 36.8% during the 1st quarter. Lazard Asset Management LLC now owns 3,266,189 shares of the luxury accessories retailer’s stock worth $121,338,000 after buying an additional 878,633 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Tapestry by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 32,654,335 shares of the luxury accessories retailer’s stock worth $1,213,109,000 after buying an additional 751,210 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Tapestry by 10.8% during the 3rd quarter. Alliancebernstein L.P. now owns 6,370,180 shares of the luxury accessories retailer’s stock worth $181,104,000 after buying an additional 623,046 shares during the last quarter. Finally, Interval Partners LP acquired a new stake in Tapestry in the 3rd quarter valued at $14,867,000. 92.84% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Performance

Shares of TPR stock opened at $43.00 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.12 and a current ratio of 1.94. Tapestry, Inc. has a one year low of $27.53 and a one year high of $47.48. The company’s 50-day simple moving average is $41.06 and its 200-day simple moving average is $40.32. The stock has a market capitalization of $9.97 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 0.91 and a beta of 1.44.

Tapestry (NYSE:TPR – Get Rating) last issued its earnings results on Thursday, May 11th. The luxury accessories retailer reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.19. Tapestry had a net margin of 13.51% and a return on equity of 39.88%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter last year, the company posted $0.51 earnings per share. Equities analysts anticipate that Tapestry, Inc. will post 3.88 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 26th. Shareholders of record on Friday, June 9th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $1.20 dividend on an annualized basis and a yield of 2.79%. Tapestry’s dividend payout ratio is currently 32.61%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on TPR shares. StockNews.com started coverage on Tapestry in a report on Thursday. They issued a “buy” rating for the company. Morgan Stanley reiterated an “equal weight” rating and issued a $41.00 price target (up from $36.00) on shares of Tapestry in a report on Friday, February 10th. OTR Global upgraded Tapestry from a “mixed” rating to a “positive” rating in a report on Wednesday, April 19th. Raymond James increased their price target on Tapestry from $44.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, February 1st. Finally, UBS Group lowered their price target on Tapestry from $44.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, March 29th. Three analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.29.

About Tapestry

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Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade and Stuart Weitzman. The Coach segment consists of global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.