Cerity Partners LLC Boosts Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Cerity Partners LLC grew its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 40.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 173,122 shares of the luxury accessories retailer's stock after purchasing an additional 49,781 shares during the quarter. Cerity Partners LLC owned approximately 0.08% of Tapestry worth $12,190,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the completion of the transaction, the vice president directly owned 40,922 shares of the company's stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the transaction, the chief executive officer directly owned 116,062 shares of the company's stock, valued at $9,447,446.80. This represents a 25.63% 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 Stock Up 1.4%

NYSE:TPR traded up $1.44 during midday trading on Friday, reaching $103.60. 1,484,499 shares of the stock traded hands, compared to its average volume of 4,982,214. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $104.23. The business has a 50-day moving average of $85.23 and a two-hundred day moving average of $77.12. 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 stock has a market capitalization of $21.52 billion, a PE ratio of 27.26, a price-to-earnings-growth ratio of 2.08 and a beta of 1.47.

Tapestry (NYSE:TPR - Get Free Report) last posted its 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 company had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. Tapestry's revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities analysts forecast 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. Investors of record on Friday, June 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

Analyst Ratings Changes

Several brokerages 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 on the stock in a research note on Thursday, June 12th. UBS Group upped their price target on shares of Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Raymond James Financial restated an "outperform" rating and issued a $85.00 price target (up from $74.00) on shares of Tapestry in a report on Friday, May 9th. Wells Fargo & Company restated an "overweight" rating and issued a $100.00 price target (up from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Finally, Citigroup upped 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. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $89.17.

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.