10,208 Shares in Tapestry, Inc. (NYSE:TPR) Bought by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC bought a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 10,208 shares of the luxury accessories retailer's stock, valued at approximately $719,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TPR. Proficio Capital Partners LLC purchased a new stake in shares of Tapestry during the fourth quarter worth $9,279,000. Raymond James Financial Inc. purchased a new stake in Tapestry during the 4th quarter worth about $38,180,000. PNC Financial Services Group Inc. increased its holdings in Tapestry by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 52,949 shares of the luxury accessories retailer's stock worth $3,459,000 after purchasing an additional 1,560 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Tapestry by 18.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 59,608 shares of the luxury accessories retailer's stock valued at $3,894,000 after purchasing an additional 9,433 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its position in shares of Tapestry by 17.9% during the fourth quarter. Daiwa Securities Group Inc. now owns 12,515 shares of the luxury accessories retailer's stock worth $818,000 after buying an additional 1,896 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Stock Performance

Tapestry stock traded up $2.35 during midday trading on Thursday, hitting $97.66. 4,330,270 shares of the company's stock were exchanged, compared to its average volume of 4,369,259. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. The stock has a market cap of $20.28 billion, a price-to-earnings ratio of 25.70, a price-to-earnings-growth ratio of 1.91 and a beta of 1.47. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $98.22. The firm's 50 day simple moving average is $82.02 and its 200 day simple moving average is $75.68.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. During the same period last year, the firm earned $0.81 EPS. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. Equities research analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.43%. Tapestry's payout ratio is currently 36.84%.

Insider Buying and Selling at Tapestry

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the sale, the chief executive officer directly owned 116,062 shares in the company, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the completion of the transaction, the vice president owned 40,922 shares of the company's stock, valued at $3,350,693.36. This represents a 3.31% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of recent research reports. Citigroup lifted their price target on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a research note on Thursday, June 12th. Argus raised their price target on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Morgan Stanley raised Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target for the company in a report on Thursday, May 8th. Finally, The Goldman Sachs Group increased their price objective on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $88.78.

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.