JPMorgan Chase & Co. Sells 306,173 Shares of Tapestry, Inc. (NYSE:TPR)

JPMorgan Chase & Co. cut its position in Tapestry, Inc. (NYSE:TPR) by 19.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,239,309 shares of the luxury accessories retailer’s stock after selling 306,173 shares during the quarter. JPMorgan Chase & Co. owned about 0.45% of Tapestry worth $38,519,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of TPR. Parkside Financial Bank & Trust increased its position in shares of Tapestry by 86.8% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,291 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 600 shares during the last quarter. Royal London Asset Management Ltd. purchased a new stake in shares of Tapestry during the 4th quarter valued at $47,000. DB Wealth Management Group LLC purchased a new stake in shares of Tapestry during the 4th quarter valued at $47,000. International Assets Investment Management LLC bought a new stake in shares of Tapestry during the 4th quarter worth $93,000. Finally, Chiron Capital Management LLC purchased a new position in Tapestry in the third quarter worth $48,000. Institutional investors own 85.85% of the company’s stock.

A number of research analysts have recently issued reports on the company. Morgan Stanley raised their price objective on Tapestry from $23.00 to $34.00 and gave the company an “equal weight” rating in a research note on Monday, February 8th. Piper Sandler boosted their price objective on Tapestry from $45.00 to $54.00 and gave the company an “overweight” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Tapestry from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, February 5th. BMO Capital Markets upped their price target on shares of Tapestry from $36.00 to $45.00 and gave the company a “market perform” rating in a report on Friday, March 5th. Finally, Guggenheim increased their price target on shares of Tapestry from $27.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, December 30th. Seven analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $33.56.

In other Tapestry news, CEO Todd Kahn sold 20,000 shares of the stock in a transaction on Thursday, February 11th. The stock was sold at an average price of $40.06, for a total value of $801,200.00. Following the completion of the sale, the chief executive officer now owns 206,460 shares in the company, valued at approximately $8,270,787.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ivan Menezes sold 5,438 shares of the firm’s stock in a transaction dated Tuesday, March 9th. The shares were sold at an average price of $43.04, for a total value of $234,051.52. Following the sale, the director now directly owns 37,079 shares in the company, valued at $1,595,880.16. The disclosure for this sale can be found here. Insiders sold a total of 25,602 shares of company stock valued at $1,042,053 over the last three months. 1.40% of the stock is currently owned by insiders.

Shares of Tapestry stock opened at $43.09 on Thursday. The stock has a market cap of $11.97 billion, a P/E ratio of -26.93, a P/E/G ratio of 1.28 and a beta of 1.33. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.12 and a current ratio of 1.56. The stock’s fifty day moving average is $42.12 and its 200 day moving average is $31.19. Tapestry, Inc. has a one year low of $11.51 and a one year high of $46.42.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 4th. The luxury accessories retailer reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.15. Tapestry had a positive return on equity of 11.91% and a negative net margin of 9.22%. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the business posted $1.10 earnings per share. The business’s quarterly revenue was down 6.9% on a year-over-year basis. Analysts predict that Tapestry, Inc. will post 2.27 EPS for the current year.

Tapestry Company Profile

Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade, Stuart Weitzman, and Corporate. The Coach segment consists 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.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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