5,895 Shares in Tapestry, Inc. (NYSE:TPR) Purchased by Banque Cantonale Vaudoise

Key Points

• Banque Cantonale Vaudoise purchased 5,895 shares of Tapestry, Inc. for approximately $415,000 during the first quarter, marking an increase in institutional interest in the luxury accessories retailer.
• Tapestry's recent quarterly earnings showed an EPS of $1.03, beating estimates by $0.14, with revenue reaching $1.58 billion, representing a year-over-year increase of 6.9%.
• The company declared a quarterly dividend of $0.35 per share, translating to an annual yield of 1.3% and a payout ratio of 36.84%.

Banque Cantonale Vaudoise bought a new position in Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 5,895 shares of the luxury accessories retailer's stock, valued at approximately $415,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in TPR. LPL Financial LLC raised its holdings in shares of Tapestry by 1.5% in the 4th quarter. LPL Financial LLC now owns 122,258 shares of the luxury accessories retailer's stock worth $7,987,000 after acquiring an additional 1,791 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in shares of Tapestry by 17.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 5,029 shares of the luxury accessories retailer's stock worth $329,000 after acquiring an additional 754 shares during the last quarter. Schroder Investment Management Group raised its holdings in shares of Tapestry by 86.4% in the 4th quarter. Schroder Investment Management Group now owns 177,092 shares of the luxury accessories retailer's stock worth $11,656,000 after acquiring an additional 82,083 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Tapestry by 14.7% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 51,247 shares of the luxury accessories retailer's stock worth $3,348,000 after acquiring an additional 6,561 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Tapestry by 16.5% in the 4th quarter. Franklin Resources Inc. now owns 190,247 shares of the luxury accessories retailer's stock worth $12,429,000 after acquiring an additional 27,013 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction on 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 sale, the vice president directly 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction on Monday, May 12th. The stock was 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 of the company's stock, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.

Tapestry Stock Down 1.6%

Shares of NYSE:TPR opened at $106.32 on Friday. The firm has a fifty day moving average price of $91.01 and a two-hundred day moving average price of $80.19. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. Tapestry, Inc. has a one year low of $35.23 and a one year high of $110.44. The company has a market cap of $22.08 billion, a price-to-earnings ratio of 27.98, a PEG ratio of 2.18 and a beta of 1.51.

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

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TPR. Argus upped their target price on shares of Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Morgan Stanley increased their price objective on shares of Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a research note on Friday. Raymond James Financial reiterated an "outperform" rating and issued a $115.00 price objective (up previously from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Bank of America lowered shares of Tapestry from a "buy" rating to a "neutral" rating and increased their price objective for the company from $95.00 to $115.00 in a research note on Tuesday. Finally, Telsey Advisory Group reiterated an "outperform" rating and issued a $92.00 price objective on shares of Tapestry in a research note on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $97.56.

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.

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