B. Riley Wealth Advisors Inc. Makes New $231,000 Investment in Tapestry, Inc. (NYSE:TPR)

B. Riley Wealth Advisors Inc. acquired a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,543 shares of the luxury accessories retailer's stock, valued at approximately $231,000.

A number of other institutional investors also recently modified their holdings of TPR. Ameriprise Financial Inc. grew its position in Tapestry by 4.8% during the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock valued at $527,799,000 after buying an additional 370,784 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Tapestry by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock worth $522,471,000 after purchasing an additional 382,856 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Tapestry by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock worth $376,247,000 after purchasing an additional 176,717 shares during the period. Alliancebernstein L.P. grew its holdings in Tapestry by 15.2% during the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock valued at $270,304,000 after purchasing an additional 546,497 shares during the period. Finally, Northern Trust Corp grew its holdings in Tapestry by 3.0% during the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock valued at $183,909,000 after purchasing an additional 83,222 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TPR has been the topic of several research reports. Citigroup boosted their target price on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Wall Street Zen upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. The Goldman Sachs Group increased their target price on shares of Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Barclays lifted their target price on shares of Tapestry from $83.00 to $98.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Finally, Guggenheim upped their price target on shares of Tapestry from $70.00 to $90.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Four investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $83.89.

Tapestry Price Performance

TPR stock traded down $0.31 during midday trading on Wednesday, reaching $78.39. The company had a trading volume of 2,468,711 shares, compared to its average volume of 4,258,260. The firm has a 50-day moving average price of $72.34 and a 200-day moving average price of $71.54. The company has a market capitalization of $16.28 billion, a P/E ratio of 22.72, a P/E/G ratio of 2.01 and a beta of 1.41. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.14. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The company 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 earnings per share. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. On average, research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.79%. The ex-dividend date is Friday, June 6th. Tapestry's dividend payout ratio is currently 36.84%.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction dated 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 now owns 40,922 shares of the company's stock, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Todd Kahn sold 40,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 116,062 shares of the company's stock, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

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.