10,318 Shares in Tapestry, Inc. (NYSE:TPR) Bought by CenterBook Partners LP

CenterBook Partners LP bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 10,318 shares of the luxury accessories retailer's stock, valued at approximately $726,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Strategy Asset Managers LLC acquired a new position in shares of Tapestry in the first quarter valued at $673,000. West Michigan Advisors LLC acquired a new position in shares of Tapestry in the first quarter valued at $453,000. iA Global Asset Management Inc. acquired a new position in shares of Tapestry in the first quarter valued at $8,644,000. Earned Wealth Advisors LLC raised its stake in shares of Tapestry by 8.6% in the first quarter. Earned Wealth Advisors LLC now owns 7,188 shares of the luxury accessories retailer's stock valued at $506,000 after purchasing an additional 567 shares in the last quarter. Finally, Scotia Capital Inc. acquired a new position in shares of Tapestry in the first quarter valued at $1,664,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Wall Street Analyst Weigh In

TPR has been the subject of a number of recent research reports. Argus upped their target price on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Telsey Advisory Group restated an "outperform" rating and issued a $92.00 target price on shares of Tapestry in a research note on Friday, May 9th. Wells Fargo & Company restated an "overweight" rating and set a $100.00 target price (up previously from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Wall Street Zen upgraded Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Finally, Morgan Stanley upgraded 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. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $89.17.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction 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 completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the sale, the chief executive officer 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 position. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Tapestry Price Performance

TPR traded up $1.25 during trading on Friday, hitting $103.41. The company's stock had a trading volume of 3,404,135 shares, compared to its average volume of 4,415,831. The firm's 50 day moving average price is $85.74 and its two-hundred day moving average price is $77.38. 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, Inc. has a 12 month low of $35.23 and a 12 month high of $104.21. The stock has a market capitalization of $21.48 billion, a price-to-earnings ratio of 27.21, a price-to-earnings-growth ratio of 2.11 and a beta of 1.47.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data 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. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the company posted $0.81 EPS. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. Sell-side analysts forecast 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 was paid on Monday, June 23rd. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.35%. Tapestry's payout ratio is currently 36.84%.

Tapestry 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.