CMC Financial Group Buys New Stake in Tapestry, Inc. (NYSE:TPR)

CMC Financial Group bought a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,543 shares of the luxury accessories retailer's stock, valued at approximately $249,000. Tapestry accounts for about 0.6% of CMC Financial Group's investment portfolio, making the stock its 28th largest position.

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

Insider Transactions at Tapestry

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the firm'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 now directly owns 116,062 shares in the company, valued at $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. 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 the firm's stock in a transaction on Monday, May 12th. The shares were 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 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. Corporate insiders own 1.18% of the company's stock.

Tapestry Stock Performance

NYSE:TPR opened at $79.00 on Friday. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The stock has a market capitalization of $16.41 billion, a P/E ratio of 22.90, a PEG ratio of 2.01 and a beta of 1.46. The company has a 50 day moving average price of $72.64 and a 200 day moving average price of $71.86. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 11.74% and a return on equity of 44.00%. The firm's quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 EPS. Equities research analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend is Friday, June 6th. Tapestry's dividend payout ratio is presently 36.84%.

Analyst Ratings Changes

TPR has been the subject of a number of analyst reports. Raymond James reiterated an "outperform" rating and issued a $85.00 price objective (up previously from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Telsey Advisory Group reiterated an "outperform" rating and issued a $92.00 price objective on shares of Tapestry in a research report on Friday, May 9th. Citigroup upped their price target on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Guggenheim upped their price target on shares of Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, The Goldman Sachs Group upped their price target 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. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and an average price target of $83.89.

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.

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