WCM Investment Management LLC Takes Position in Tapestry, Inc. (NYSE:TPR)

WCM Investment Management LLC bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 533,734 shares of the luxury accessories retailer's stock, valued at approximately $37,495,000. WCM Investment Management LLC owned approximately 0.26% of Tapestry as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TPR. Coppell Advisory Solutions LLC lifted its stake in shares of Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after purchasing an additional 150 shares during the period. Mather Group LLC. lifted its stake in shares of Tapestry by 2.8% during the 1st quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer's stock worth $424,000 after purchasing an additional 165 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Tapestry by 25.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock worth $68,000 after purchasing an additional 194 shares during the period. E Fund Management Co. Ltd. lifted its stake in shares of Tapestry by 1.6% during the 4th quarter. E Fund Management Co. Ltd. now owns 12,744 shares of the luxury accessories retailer's stock worth $833,000 after purchasing an additional 200 shares during the period. Finally, Ossiam lifted its stake in shares of Tapestry by 1.4% during the 4th quarter. Ossiam now owns 22,103 shares of the luxury accessories retailer's stock worth $1,444,000 after purchasing an additional 296 shares during the period. Hedge funds and other institutional investors own 90.77% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on TPR shares. The Goldman Sachs Group increased their price target on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Wells Fargo & Company reissued an "overweight" rating and set a $100.00 price target (up previously from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. Citigroup increased their price target on 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 Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Thursday, June 12th. Finally, Raymond James Financial restated an "outperform" rating and set a $85.00 price objective (up 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 issued a buy rating to the stock. Based on data from MarketBeat.com, Tapestry presently has an average rating of "Moderate Buy" and an average target price of $88.78.

Tapestry Stock Up 4.4%

Shares of Tapestry stock traded up $3.82 during trading hours on Thursday, hitting $90.30. 2,764,757 shares of the company's stock traded hands, compared to its average volume of 4,326,837. 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, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The stock has a 50 day simple moving average of $79.73 and a 200-day simple moving average of $74.68. The company has a market cap of $18.76 billion, a PE ratio of 23.78, a PEG ratio of 1.80 and a beta of 1.47.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.89 by $0.14. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The business had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter last year, the company posted $0.81 earnings per share. The company'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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders 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 annualized dividend and a dividend yield of 1.55%. Tapestry's payout ratio is 36.84%.

Insider Activity

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were 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 trade represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was 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 directly owned 40,922 shares in the company, valued at $3,350,693.36. This represents a 3.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

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.