3,088 Shares in Tapestry, Inc. (NYSE:TPR) Purchased by Ballentine Partners LLC

Ballentine Partners LLC bought a new position in Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,088 shares of the luxury accessories retailer's stock, valued at approximately $217,000.

A number of other hedge funds also recently made changes to their positions in TPR. HighTower Advisors LLC lifted its position in shares of Tapestry by 0.9% in the fourth quarter. HighTower Advisors LLC now owns 51,278 shares of the luxury accessories retailer's stock worth $3,350,000 after buying an additional 481 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in shares of Tapestry by 21.9% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 15,913 shares of the luxury accessories retailer's stock worth $1,040,000 after buying an additional 2,855 shares in the last quarter. Corient Private Wealth LLC lifted its position in shares of Tapestry by 43.3% in the fourth quarter. Corient Private Wealth LLC now owns 38,893 shares of the luxury accessories retailer's stock worth $2,541,000 after buying an additional 11,754 shares in the last quarter. Cibc World Markets Corp lifted its position in shares of Tapestry by 46.8% in the fourth quarter. Cibc World Markets Corp now owns 26,222 shares of the luxury accessories retailer's stock worth $1,713,000 after buying an additional 8,360 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of Tapestry by 18.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 175,307 shares of the luxury accessories retailer's stock worth $11,453,000 after buying an additional 27,886 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Stock Down 0.9%

Shares of NYSE:TPR opened at $100.68 on Thursday. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $102.25. The stock has a market cap of $20.91 billion, a P/E ratio of 26.49, a price-to-earnings-growth ratio of 2.10 and a beta of 1.47. The business's 50 day moving average is $84.74 and its 200 day moving average is $76.87. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter in the prior year, the firm earned $0.81 earnings per share. Tapestry's revenue was up 6.9% compared to the same quarter last year. Sell-side 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. Investors of record on Friday, June 6th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.39%. Tapestry's dividend payout ratio (DPR) is currently 36.84%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on TPR shares. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective on the stock in a research report on Thursday, May 8th. UBS Group upped their price objective on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. The Goldman Sachs Group upped their price objective on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Barclays restated an "overweight" rating and set a $105.00 price objective (up from $98.00) on shares of Tapestry in a research report on Friday, July 11th. Finally, Citigroup upped their price objective on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, Tapestry has an average rating of "Moderate Buy" and a consensus target price of $89.17.

Insider Activity at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the transaction, the chief executive officer owned 116,062 shares of the company's stock, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the sale, the vice president owned 40,922 shares of the company's stock, valued at approximately $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 owned by corporate insiders.

Tapestry 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.

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