Convergence Financial LLC Buys Shares of 3,288 Tapestry, Inc. (NYSE:TPR)

Convergence Financial LLC bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,288 shares of the luxury accessories retailer's stock, valued at approximately $232,000.

Other large investors also recently bought and sold shares of the company. Greenline Partners LLC acquired a new stake in Tapestry in the fourth quarter valued at $29,000. Coppell Advisory Solutions LLC grew its holdings in Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after purchasing an additional 150 shares during the last quarter. Opal Wealth Advisors LLC acquired a new stake in Tapestry in the first quarter valued at $35,000. Canada Post Corp Registered Pension Plan acquired a new stake in Tapestry in the fourth quarter valued at $48,000. Finally, Golden State Wealth Management LLC grew its holdings in Tapestry by 431.1% in the first quarter. Golden State Wealth Management LLC now owns 887 shares of the luxury accessories retailer's stock valued at $62,000 after purchasing an additional 720 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Stock Performance

NYSE TPR opened at $87.16 on Monday. The business's 50-day moving average price is $78.40 and its 200 day moving average price is $74.34. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The company has a market capitalization of $18.10 billion, a PE ratio of 22.94, a price-to-earnings-growth ratio of 1.94 and a beta of 1.46. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 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 the consensus estimate of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the business posted $0.81 EPS. On average, research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were issued a $0.35 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.61%. Tapestry's dividend payout ratio (DPR) is 36.84%.

Insider Transactions at Tapestry

In other news, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction dated 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 transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on TPR shares. UBS Group upped their price objective on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective on the stock in a research report on Thursday, May 8th. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective on the stock in a research report on Thursday, June 12th. Raymond James Financial restated an "outperform" rating and issued a $85.00 price objective (up from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Finally, Barclays upped their price objective on Tapestry from $83.00 to $98.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. Three equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $88.78.

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.

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