Baader Bank Aktiengesellschaft Takes $752,000 Position in Tapestry, Inc. (NYSE:TPR)

Key Points

• Baader Bank Aktiengesellschaft acquired a new stake in Tapestry, Inc. worth approximately $752,000, purchasing 10,683 shares in the first quarter.
• Several analysts upgraded Tapestry's stock rating, with Cowen raising it from a "hold" to a "buy" and JPMorgan boosting its target price from $104.00 to $145.00.
• Tapestry reported earnings of $1.03 EPS for the last quarter, exceeding expectations, alongside a dividend of $0.35 per share.

Baader Bank Aktiengesellschaft purchased a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 10,683 shares of the luxury accessories retailer's stock, valued at approximately $752,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Arkadios Wealth Advisors acquired a new stake in shares of Tapestry during the 1st quarter worth about $432,000. Vestcor Inc lifted its stake in shares of Tapestry by 78.5% during the 1st quarter. Vestcor Inc now owns 14,681 shares of the luxury accessories retailer's stock worth $1,034,000 after buying an additional 6,458 shares during the last quarter. Capricorn Fund Managers Ltd lifted its stake in shares of Tapestry by 93.9% during the 1st quarter. Capricorn Fund Managers Ltd now owns 115,000 shares of the luxury accessories retailer's stock worth $8,097,000 after buying an additional 55,677 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Tapestry during the 1st quarter worth about $415,000. Finally, Federated Hermes Inc. lifted its stake in shares of Tapestry by 4,221.4% during the 1st quarter. Federated Hermes Inc. now owns 30,336 shares of the luxury accessories retailer's stock worth $2,136,000 after buying an additional 29,634 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Analyst Ratings Changes

TPR has been the subject of a number of research reports. Argus raised their target price on shares of Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Wall Street Zen cut shares of Tapestry from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. 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. The Goldman Sachs Group lifted their price objective on shares of Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Morgan Stanley lifted their price objective on shares of Tapestry from $90.00 to $115.00 and gave the stock an "overweight" rating in a research note on Friday. Four research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, Tapestry has an average rating of "Moderate Buy" and a consensus target price of $97.56.

Insider Activity at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 116,062 shares in the company, valued at $9,447,446.80. This trade represents a 25.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred 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 owned 40,922 shares in the company, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.

Tapestry Price Performance

Shares of Tapestry stock traded down $1.71 during midday trading on Friday, hitting $106.32. 4,508,869 shares of the company traded hands, compared to its average volume of 3,790,759. The stock has a market cap of $22.08 billion, a price-to-earnings ratio of 27.98, a PEG ratio of 2.18 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. The firm's fifty day moving average price is $91.01 and its 200-day moving average price is $80.19. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $110.44.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.14. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The firm's revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.81 EPS. As a group, sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.3%. Tapestry's dividend payout ratio (DPR) is currently 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.