Allworth Financial LP Buys 11,679 Shares of Tapestry, Inc. (NYSE:TPR)

Allworth Financial LP increased its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 689.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,374 shares of the luxury accessories retailer's stock after purchasing an additional 11,679 shares during the quarter. Allworth Financial LP's holdings in Tapestry were worth $913,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Greenline Partners LLC purchased a new position in Tapestry in the fourth quarter worth $29,000. Coppell Advisory Solutions LLC raised its stake in shares of Tapestry by 40.7% during 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 during the period. Opal Wealth Advisors LLC bought a new stake in shares of Tapestry during the 1st quarter worth $35,000. MorganRosel Wealth Management LLC purchased a new position in shares of Tapestry in the 1st quarter worth about $35,000. Finally, Canada Post Corp Registered Pension Plan bought a new position in Tapestry during the fourth quarter valued at about $48,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Tapestry Stock Performance

Tapestry stock opened at $98.50 on Monday. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $98.65. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The firm has a market capitalization of $20.46 billion, a PE ratio of 25.92, a price-to-earnings-growth ratio of 2.03 and a beta of 1.47. The firm's 50 day simple moving average is $83.08 and its 200 day simple moving average is $76.28.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $1.53 billion. During the same period in the previous year, the business earned $0.81 EPS. The business's revenue for the quarter was up 6.9% on a year-over-year basis. As a group, analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.42%. Tapestry's payout ratio is presently 36.84%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TPR. TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a research report on Thursday, June 12th. Wells Fargo & Company reiterated an "overweight" rating and issued a $100.00 price objective (up previously from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. Morgan Stanley raised Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 target price for the company in a research report on Thursday, May 8th. Wall Street Zen upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Finally, Barclays increased their price target on Tapestry from $98.00 to $105.00 and gave the stock an "overweight" rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and a consensus price target of $89.17.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the transaction, the chief executive officer directly owned 116,062 shares in the company, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $114,550.12. Following the sale, the vice president owned 40,922 shares in the company, valued at $3,350,693.36. The trade was a 3.31% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

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.

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