3,543 Shares in Tapestry, Inc. (NYSE:TPR) Acquired by CMC Financial Group

CMC Financial Group acquired a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 3,543 shares of the luxury accessories retailer's stock, valued at approximately $249,000. Tapestry comprises approximately 0.6% of CMC Financial Group's investment portfolio, making the stock its 28th largest position.

Several other institutional investors have also modified their holdings of TPR. Greenline Partners LLC purchased a new stake in shares of Tapestry during the 4th quarter worth $29,000. Coppell Advisory Solutions LLC lifted its position in shares of Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after purchasing an additional 150 shares during the last quarter. Venturi Wealth Management LLC lifted its position in Tapestry by 78.0% in the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock valued at $38,000 after acquiring an additional 252 shares during the last quarter. Canada Post Corp Registered Pension Plan purchased a new stake in Tapestry in the fourth quarter valued at $48,000. Finally, MassMutual Private Wealth & Trust FSB lifted its position in Tapestry by 25.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock valued at $68,000 after acquiring an additional 194 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related 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 sale, the vice president now owns 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 sale, the chief executive officer now owns 116,062 shares in the company, 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.

Analyst Ratings Changes

A number of brokerages have recently commented on TPR. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $92.00 target price on shares of Tapestry in a report on Friday, May 9th. Wall Street Zen raised shares of Tapestry from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. The Goldman Sachs Group upped their target price on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a report on Friday, May 9th. Robert W. Baird upped their target price on shares of Tapestry from $93.00 to $100.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. upped their target price on shares of Tapestry from $88.00 to $104.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and an average price target of $83.89.

Tapestry Price Performance

Shares of TPR stock traded up $0.65 during trading hours on Tuesday, hitting $79.91. The company's stock had a trading volume of 2,870,587 shares, compared to its average volume of 4,260,904. The business has a fifty day moving average of $73.02 and a 200-day moving average of $72.28. The stock has a market cap of $16.60 billion, a price-to-earnings ratio of 23.16, a P/E/G ratio of 2.01 and a beta of 1.46. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.89 by $0.14. The business 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 company'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 earnings per share. As a group, equities research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be given a $0.35 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.75%. Tapestry's dividend payout ratio is presently 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.