Tapestry, Inc. (NYSE:TPR) Shares Sold by Sentry Investment Management LLC

Sentry Investment Management LLC lessened its stake in Tapestry, Inc. (NYSE:TPR) by 14.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 869 shares of the luxury accessories retailer’s stock after selling 142 shares during the period. Sentry Investment Management LLC’s holdings in Tapestry were worth $57,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of TPR. Venturi Wealth Management LLC raised its position in Tapestry by 78.0% during the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after acquiring an additional 252 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Tapestry during the 3rd quarter valued at approximately $47,000. Deseret Mutual Benefit Administrators lifted its stake in shares of Tapestry by 68.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after purchasing an additional 605 shares during the period. Transamerica Financial Advisors Inc. boosted its holdings in Tapestry by 159,100.0% during the third quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock worth $75,000 after buying an additional 1,591 shares in the last quarter. Finally, UMB Bank n.a. boosted its holdings in Tapestry by 72.9% during the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after buying an additional 496 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on TPR shares. The Goldman Sachs Group lifted their price objective on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a report on Friday, February 7th. Barclays lifted their price target on Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. UBS Group increased their price target on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Robert W. Baird boosted their price objective on Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $65.00 target price on shares of Tapestry in a research note on Tuesday, January 21st. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $78.53.

Insiders Place Their Bets

In related news, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $87.59, for a total transaction of $681,975.74. Following the transaction, the chief executive officer now directly owns 201,531 shares in the company, valued at $17,652,100.29. This trade represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,537 shares of company stock valued at $5,730,589 in the last three months. 1.18% of the stock is currently owned by insiders.

Tapestry Stock Performance

NYSE:TPR opened at $84.30 on Friday. The company has a market cap of $17.45 billion, a P/E ratio of 24.43, a P/E/G ratio of 2.01 and a beta of 1.58. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The company’s 50-day moving average price is $74.36 and its 200-day moving average price is $57.79. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping 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 last year, the business posted $1.63 EPS. On average, sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s payout ratio is currently 40.58%.

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.