44 Wealth Management LLC Buys New Shares in Tapestry, Inc. (NYSE:TPR)

44 Wealth Management LLC acquired a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 18,876 shares of the luxury accessories retailer's stock, valued at approximately $1,329,000.

A number of other hedge funds have also recently added to or reduced their stakes in TPR. SVB Wealth LLC acquired a new position in shares of Tapestry during the fourth quarter worth approximately $303,000. US Bancorp DE raised its position in shares of Tapestry by 18.1% during the fourth quarter. US Bancorp DE now owns 17,440 shares of the luxury accessories retailer's stock worth $1,139,000 after acquiring an additional 2,676 shares during the last quarter. Metis Global Partners LLC lifted its stake in shares of Tapestry by 91.3% during the fourth quarter. Metis Global Partners LLC now owns 8,380 shares of the luxury accessories retailer's stock valued at $547,000 after acquiring an additional 3,999 shares during the period. Smartleaf Asset Management LLC lifted its stake in shares of Tapestry by 30.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,113 shares of the luxury accessories retailer's stock valued at $205,000 after acquiring an additional 722 shares during the period. Finally, Steward Partners Investment Advisory LLC boosted its holdings in Tapestry by 1.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 102,957 shares of the luxury accessories retailer's stock valued at $6,726,000 after acquiring an additional 1,028 shares during the last quarter. Institutional investors own 90.77% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TPR. Telsey Advisory Group reissued an "outperform" rating and set a $92.00 price objective on shares of Tapestry in a report on Friday, May 9th. Wall Street Zen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Barclays boosted their price target on shares of Tapestry from $83.00 to $98.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Wells Fargo & Company restated an "overweight" rating and issued a $100.00 price objective (up from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $85.00 target price (up previously from $74.00) on shares of Tapestry in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $88.78.

Tapestry Trading Up 4.9%

NYSE:TPR traded up $4.25 on Friday, reaching $90.73. The company's stock had a trading volume of 4,388,372 shares, compared to its average volume of 4,342,895. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The business's 50-day moving average price is $80.18 and its two-hundred day moving average price is $74.86. The firm has a market cap of $18.84 billion, a PE ratio of 23.88, a PEG ratio of 1.86 and a beta of 1.47. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the firm earned $0.81 EPS. Tapestry's quarterly revenue was up 6.9% compared to the same quarter last year. Equities research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

Insiders Place Their Bets

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

Tapestry Company 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.