AE Wealth Management LLC Makes New Investment in Tapestry, Inc. (NYSE:TPR)

AE Wealth Management LLC bought a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 147,744 shares of the luxury accessories retailer's stock, valued at approximately $10,403,000. AE Wealth Management LLC owned about 0.07% of Tapestry at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in TPR. Greenline Partners LLC acquired a new position in shares of Tapestry during the fourth quarter valued at approximately $29,000. Coppell Advisory Solutions LLC grew its position in Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after acquiring an additional 150 shares during the period. Opal Wealth Advisors LLC purchased a new position in Tapestry in the first quarter worth approximately $35,000. MorganRosel Wealth Management LLC purchased a new position in Tapestry in the first quarter worth approximately $35,000. Finally, Canada Post Corp Registered Pension Plan purchased a new position in Tapestry in the fourth quarter worth approximately $48,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Buying and Selling at Tapestry

In related news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the sale, the vice president directly owned 40,922 shares in the company, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the company'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 completion of the transaction, the chief executive officer directly owned 116,062 shares of the company's stock, valued at approximately $9,447,446.80. The trade was 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 currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TPR. Argus lifted their price objective on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Citigroup lifted their target price on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a report on Friday, May 9th. Wells Fargo & Company reiterated an "overweight" rating and issued a $100.00 target price (up from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a report on Thursday, June 12th. Finally, Wall Street Zen downgraded Tapestry from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Tapestry presently has an average rating of "Moderate Buy" and an average target price of $90.83.

Tapestry Stock Performance

TPR stock traded down $0.06 during trading on Friday, hitting $108.37. The company had a trading volume of 3,518,510 shares, compared to its average volume of 4,956,857. The firm has a market cap of $22.51 billion, a PE ratio of 28.52, a price-to-earnings-growth ratio of 2.25 and a beta of 1.47. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $110.22. The firm has a 50-day moving average price of $88.21 and a 200-day moving average price of $78.80. 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 (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, topping 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 for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the company earned $0.81 EPS. The company's quarterly revenue was up 6.9% on a year-over-year basis. On average, analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were issued a $0.35 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.29%. Tapestry's dividend payout ratio is currently 36.84%.

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.