AGF Management Ltd. Purchases Shares of 116,796 Tapestry, Inc. (NYSE:TPR)

Key Points

• AGF Management Ltd. has acquired a new stake in Tapestry, Inc. during the first quarter, purchasing 116,796 shares valued at approximately $8.22 million, representing 0.06% of the company.
• Multiple institutional investors have modified their holdings, with 90.77% of Tapestry's stock now owned by institutional investors, indicating strong institutional interest in the luxury accessories retailer.
• Analysts have a generally positive outlook on Tapestry, with the stock receiving an average rating of "Moderate Buy" and various price target increases, including an increase from $90.00 to $115.00 by Morgan Stanley.

AGF Management Ltd. purchased a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 116,796 shares of the luxury accessories retailer's stock, valued at approximately $8,224,000. AGF Management Ltd. owned approximately 0.06% of Tapestry at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Harbour Investments Inc. lifted its holdings in shares of Tapestry by 120.1% in the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after purchasing an additional 197 shares in the last quarter. Greenline Partners LLC acquired a new stake in shares of Tapestry in the 4th quarter valued at $29,000. MorganRosel Wealth Management LLC bought a new position in shares of Tapestry in the 1st quarter valued at $35,000. Opal Wealth Advisors LLC bought a new position in shares of Tapestry in the 1st quarter valued at $35,000. Finally, Coppell Advisory Solutions LLC lifted its stake 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 valued at $34,000 after acquiring an additional 150 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Tapestry Price Performance

TPR traded up $5.21 during trading on Friday, reaching $100.90. The stock had a trading volume of 6,787,256 shares, compared to its average volume of 4,959,202. The stock has a market cap of $20.96 billion, a PE ratio of 26.55, a PEG ratio of 2.28 and a beta of 1.51. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. Tapestry, Inc. has a one year low of $39.10 and a one year high of $114.05. The business has a 50-day moving average of $96.44 and a 200-day moving average of $82.49.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.02. The business had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.67 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The firm's revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.92 earnings per share. As a group, equities research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.6%. This is a positive change from Tapestry's previous quarterly dividend of $0.35. Tapestry's dividend payout ratio is presently 36.84%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TPR. Evercore ISI lowered their target price on Tapestry from $130.00 to $125.00 and set an "outperform" rating for the company in a research report on Friday. UBS Group cut their price target on Tapestry from $112.00 to $105.00 and set a "neutral" rating for the company in a research note on Friday. Raymond James Financial reissued an "outperform" rating and set a $115.00 target price (up previously from $85.00) on shares of Tapestry in a research report on Tuesday, July 22nd. Sanford C. Bernstein reissued an "outperform" rating and set a $112.00 target price on shares of Tapestry in a research report on Friday. Finally, Citigroup lifted their price target on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Four research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and a consensus target price of $105.47.

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.