Verdence Capital Advisors LLC Invests $480,000 in Tapestry, Inc. (NYSE:TPR)

Verdence Capital Advisors LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 6,820 shares of the luxury accessories retailer's stock, valued at approximately $480,000.

A number of other hedge funds have also recently modified their holdings of TPR. Envestnet Portfolio Solutions Inc. grew its position in shares of Tapestry by 21.9% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 15,913 shares of the luxury accessories retailer's stock valued at $1,040,000 after buying an additional 2,855 shares during the last quarter. Corient Private Wealth LLC grew its position in shares of Tapestry by 43.3% in the 4th quarter. Corient Private Wealth LLC now owns 38,893 shares of the luxury accessories retailer's stock valued at $2,541,000 after buying an additional 11,754 shares during the last quarter. Cibc World Markets Corp grew its position in shares of Tapestry by 46.8% in the 4th quarter. Cibc World Markets Corp now owns 26,222 shares of the luxury accessories retailer's stock valued at $1,713,000 after buying an additional 8,360 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of Tapestry by 18.9% in the 4th quarter. Thrivent Financial for Lutherans now owns 175,307 shares of the luxury accessories retailer's stock valued at $11,453,000 after buying an additional 27,886 shares during the last quarter. Finally, Semanteon Capital Management LP purchased a new position in shares of Tapestry in the 4th quarter valued at $599,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

Shares of NYSE TPR traded up $1.25 during midday trading on Friday, hitting $103.41. The company had a trading volume of 3,404,135 shares, compared to its average volume of 4,427,196. 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 $104.23. The business has a 50-day simple moving average of $85.74 and a two-hundred day simple moving average of $77.47. The firm has a market capitalization of $21.48 billion, a price-to-earnings ratio of 27.21, a price-to-earnings-growth ratio of 2.14 and a beta of 1.47.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $1.53 billion. During the same quarter last year, the business earned $0.81 earnings per share. The business's revenue for the quarter 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 year.

Tapestry Dividend Announcement

The business 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. This represents a $1.40 annualized dividend and a dividend yield of 1.35%. The ex-dividend date was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is 36.84%.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the firm's 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 directly owned 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction 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 disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.

Analysts Set New Price Targets

TPR has been the topic of several research reports. Barclays reissued 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. Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Thursday, June 12th. Citigroup raised their price objective on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective on the stock in a research report on Thursday, June 12th. Finally, Argus raised their price objective on shares of Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Three investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $89.17.

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.