Advisor Resource Council Buys New Position in Tapestry, Inc. (NYSE:TPR)

Advisor Resource Council purchased a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 8,769 shares of the luxury accessories retailer's stock, valued at approximately $609,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Greenline Partners LLC bought a new stake in shares of Tapestry in the 4th quarter worth approximately $29,000. Coppell Advisory Solutions LLC raised its holdings in shares of Tapestry by 40.7% in 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 in the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Tapestry in the first quarter valued at $35,000. Venturi Wealth Management LLC increased its holdings in shares of Tapestry by 78.0% in the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock valued at $38,000 after buying an additional 252 shares in the last quarter. Finally, Canada Post Corp Registered Pension Plan bought a new position in shares of Tapestry in the fourth quarter valued at $48,000. Institutional investors own 90.77% of the company's stock.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president now owns 40,922 shares of the company's stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The sale was disclosed in a 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 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 now directly owns 116,062 shares in the company, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. The Goldman Sachs Group boosted their target price on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target on the stock in a research report on Thursday, June 12th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 target price on the stock in a report on Thursday, May 8th. Wells Fargo & Company reiterated an "overweight" rating and issued a $100.00 target price (up previously from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Finally, UBS Group upped their price objective on shares of Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Three analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $88.78.

Tapestry Trading Up 0.2%

Shares of TPR stock traded up $0.17 during trading hours on Friday, reaching $84.41. The company had a trading volume of 4,336,744 shares, compared to its average volume of 4,294,757. The company has a 50 day moving average of $76.11 and a 200 day moving average of $73.48. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The firm has a market cap of $17.53 billion, a price-to-earnings ratio of 22.21, a P/E/G ratio of 1.87 and a beta of 1.46. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share 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 firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The company's quarterly revenue was up 6.9% on a year-over-year basis. On average, equities research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.66%. Tapestry's dividend payout ratio is 36.84%.

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.