Cypress Capital Group Sells 3,461 Shares of Tapestry, Inc. (NYSE:TPR)

Cypress Capital Group trimmed its holdings in Tapestry, Inc. (NYSE:TPR) by 18.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 15,799 shares of the luxury accessories retailer’s stock after selling 3,461 shares during the quarter. Cypress Capital Group’s holdings in Tapestry were worth $1,032,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Van ECK Associates Corp boosted its holdings in shares of Tapestry by 7.2% during the 3rd quarter. Van ECK Associates Corp now owns 111,184 shares of the luxury accessories retailer’s stock worth $4,841,000 after buying an additional 7,493 shares during the period. Asset Management One Co. Ltd. boosted its holdings in shares of Tapestry by 22.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 4,558 shares of the luxury accessories retailer’s stock worth $214,000 after buying an additional 832 shares during the period. Radnor Capital Management LLC bought a new stake in shares of Tapestry during the 3rd quarter worth $894,000. Foster & Motley Inc. boosted its holdings in shares of Tapestry by 111.4% during the 3rd quarter. Foster & Motley Inc. now owns 30,159 shares of the luxury accessories retailer’s stock worth $1,417,000 after buying an additional 15,895 shares during the period. Finally, Umpqua Bank bought a new stake in shares of Tapestry during the 3rd quarter worth $208,000. 90.77% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 7,786 shares of the stock in a transaction dated 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 owns 201,531 shares in the company, valued at $17,652,100.29. This trade represents a 3.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the sale, the general counsel now owns 38,609 shares of the company’s stock, valued at $3,397,592. This trade represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,537 shares of company stock worth $5,730,589 in the last quarter. 1.18% of the stock is owned by corporate insiders.

Tapestry Trading Down 0.2 %

Shares of TPR stock opened at $81.12 on Thursday. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85. The stock has a market cap of $16.79 billion, a price-to-earnings ratio of 23.51, a P/E/G ratio of 2.01 and a beta of 1.58. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The firm has a fifty day moving average of $75.49 and a 200-day moving average of $59.01.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business posted $1.63 earnings per share. On average, equities research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is currently 40.58%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. UBS Group upped their price objective on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Evercore ISI upped their price objective on shares of Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Morgan Stanley reaffirmed an “equal weight” rating and set a $65.00 price objective on shares of Tapestry in a report on Tuesday, January 21st. JPMorgan Chase & Co. upped their target price on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Guggenheim upped their target price on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

Tapestry Company 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.