Federated Hermes Inc. Sells 3,824 Shares of Tapestry, Inc. (NYSE:TPR)

Federated Hermes Inc. decreased its position in Tapestry, Inc. (NYSE:TPR) by 84.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 702 shares of the luxury accessories retailer’s stock after selling 3,824 shares during the quarter. Federated Hermes Inc.’s holdings in Tapestry were worth $46,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in Tapestry by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after purchasing an additional 382,856 shares during the last quarter. Geode Capital Management LLC lifted its stake in Tapestry by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer’s stock worth $376,247,000 after acquiring an additional 176,717 shares during the period. Alliancebernstein L.P. boosted its holdings in Tapestry by 15.2% in the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock valued at $270,304,000 after acquiring an additional 546,497 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in Tapestry by 16.4% in the 4th quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock worth $138,596,000 after purchasing an additional 298,409 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Tapestry in the 4th quarter worth about $114,199,000. 90.77% of the stock is owned by institutional investors.

Insider Activity

In other Tapestry news, CEO Todd Kahn sold 7,786 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares in the company, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock valued at $5,730,589 in the last 90 days. 1.18% of the stock is currently owned by insiders.

Tapestry Price Performance

Shares of NYSE TPR opened at $63.53 on Friday. The firm has a market cap of $13.15 billion, a P/E ratio of 18.41, a PEG ratio of 2.01 and a beta of 1.37. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. 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 company has a 50 day moving average of $74.24 and a 200 day moving average of $65.27.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period in the previous year, the company earned $1.63 earnings per share. As a group, research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry’s dividend payout ratio is currently 40.58%.

Analyst Ratings Changes

A number of research firms recently issued reports on TPR. Redburn Atlantic raised shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price target for the company in a research note on Tuesday, February 18th. Jefferies Financial Group increased their target price on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. UBS Group lifted their price target on Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. The Goldman Sachs Group increased their price objective on Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $79.00.

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.