Contravisory Investment Management Inc. Invests $502,000 in Tapestry, Inc. (NYSE:TPR)

Contravisory Investment Management Inc. purchased 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 SEC. The firm purchased 7,126 shares of the luxury accessories retailer's stock, valued at approximately $502,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Apollon Wealth Management LLC purchased a new position in shares of Tapestry in the 4th quarter valued at about $328,000. Charles Schwab Investment Management Inc. boosted its holdings in 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 valued at $522,471,000 after purchasing an additional 382,856 shares in the last quarter. Abacus FCF Advisors LLC increased its stake in Tapestry by 46.2% in the fourth quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer's stock valued at $2,972,000 after purchasing an additional 14,384 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Tapestry by 14.6% during the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer's stock worth $20,195,000 after purchasing an additional 39,298 shares in the last quarter. Finally, Pzena Investment Management LLC purchased a new stake in shares of Tapestry during the 4th quarter worth approximately $18,737,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

TPR has been the topic of a number of recent analyst reports. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $100.00 target price (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. UBS Group raised their price objective on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Wall Street Zen raised Tapestry from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Redburn Atlantic upgraded Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price target on the stock in a research note on Tuesday, February 18th. Finally, Guggenheim lifted their price target on Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Four research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $83.89.

Insider Activity

In other news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction 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 completion of the transaction, the chief executive officer now owns 116,062 shares of the company's stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction dated 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 now owns 40,922 shares in the company, valued at $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. Insiders own 1.18% of the company's stock.

Tapestry Price Performance

TPR stock traded down $0.22 on Friday, reaching $79.00. 2,406,856 shares of the company's stock were exchanged, compared to its average volume of 4,254,741. The stock has a fifty day moving average of $72.52 and a 200-day moving average of $71.70. The firm has a market cap of $16.41 billion, a PE ratio of 22.90, a P/E/G ratio of 2.01 and a beta of 1.41. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping 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 11.74% and a return on equity of 44.00%. The business's revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 EPS. As a group, equities analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be issued a $0.35 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.77%. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

Tapestry Company 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.