PNC Financial Services Group Inc. decreased its holdings in shares of Tapestry Inc (NYSE:TPR) by 36.7% in the 1st quarter, Holdings Channel reports. The firm owned 57,216 shares of the luxury accessories retailer’s stock after selling 33,220 shares during the period. PNC Financial Services Group Inc.’s holdings in Tapestry were worth $1,860,000 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. Norges Bank acquired a new position in Tapestry during the fourth quarter worth $99,566,000. Boston Partners acquired a new position in Tapestry during the fourth quarter worth $64,406,000. D. E. Shaw & Co. Inc. boosted its holdings in Tapestry by 765.0% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,902,983 shares of the luxury accessories retailer’s stock worth $64,225,000 after purchasing an additional 1,682,982 shares during the last quarter. ANTIPODES PARTNERS Ltd lifted its stake in Tapestry by 44.0% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 4,262,677 shares of the luxury accessories retailer’s stock valued at $143,865,000 after acquiring an additional 1,302,103 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in Tapestry by 1,484.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,213,009 shares of the luxury accessories retailer’s stock valued at $36,000 after acquiring an additional 1,136,452 shares during the last quarter. Institutional investors and hedge funds own 88.31% of the company’s stock.

NYSE TPR opened at $29.54 on Friday. The company has a quick ratio of 1.86, a current ratio of 2.67 and a debt-to-equity ratio of 0.45. The stock has a market cap of $8.69 billion, a PE ratio of 11.65, a P/E/G ratio of 1.08 and a beta of 0.79. Tapestry Inc has a 52-week low of $27.93 and a 52-week high of $54.35.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Tapestry had a net margin of 11.78% and a return on equity of 22.08%. Tapestry’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 EPS. As a group, equities research analysts expect that Tapestry Inc will post 2.58 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be paid a dividend of $0.3375 per share. This represents a $1.35 dividend on an annualized basis and a dividend yield of 4.57%. The ex-dividend date of this dividend is Thursday, June 6th. Tapestry’s dividend payout ratio is presently 51.33%.

A number of brokerages have commented on TPR. UBS Group increased their price target on shares of Tapestry from $50.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, May 10th. TheStreet cut shares of Tapestry from a “b-” rating to a “c+” rating in a research note on Thursday, March 7th. ValuEngine cut shares of Tapestry from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 14th. OTR Global cut shares of Tapestry to a “positive” rating in a research note on Tuesday, April 23rd. Finally, Bank of America set a $48.00 price target on shares of Tapestry and gave the company a “buy” rating in a research note on Friday, May 10th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company. Tapestry has an average rating of “Buy” and a consensus price target of $46.84.

In related news, Director Darrell Cavens bought 7,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was bought at an average price of $30.01 per share, for a total transaction of $210,070.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Annabelle Yu Long sold 3,229 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total transaction of $93,414.97. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.

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About Tapestry

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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