CWA Asset Management Group LLC raised its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 23.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 70,179 shares of the luxury accessories retailer's stock after purchasing an additional 13,539 shares during the period. CWA Asset Management Group LLC's holdings in Tapestry were worth $4,941,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Coppell Advisory Solutions LLC grew its holdings in Tapestry by 40.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after buying an additional 150 shares in the last quarter. Checchi Capital Advisers LLC raised its stake in shares of Tapestry by 1.9% during the fourth quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer's stock valued at $580,000 after purchasing an additional 163 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in Tapestry by 13.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer's stock worth $104,000 after purchasing an additional 182 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in Tapestry by 25.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock valued at $68,000 after buying an additional 194 shares in the last quarter. Finally, E Fund Management Co. Ltd. grew its position in Tapestry by 1.6% in the 4th quarter. E Fund Management Co. Ltd. now owns 12,744 shares of the luxury accessories retailer's stock valued at $833,000 after buying an additional 200 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research analysts recently commented on TPR shares. The Goldman Sachs Group raised their price objective on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Raymond James Financial reissued an "outperform" rating and issued a $85.00 price objective (up previously from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Wells Fargo & Company restated an "overweight" rating and issued a $100.00 price objective (up previously from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. UBS Group lifted their target price on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Finally, Wall Street Zen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Three equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $88.78.
Check Out Our Latest Research Report on Tapestry
Tapestry Trading Up 1.8%
Tapestry stock traded up $1.48 during midday trading on Thursday, reaching $84.24. The stock had a trading volume of 3,571,463 shares, compared to its average volume of 4,289,248. The firm has a market cap of $17.50 billion, a price-to-earnings ratio of 22.17, a PEG ratio of 1.87 and a beta of 1.46. The firm's fifty day simple moving average is $75.69 and its two-hundred day simple moving average is $73.21. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. 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 released its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter in the previous year, the business posted $0.81 EPS. The business's revenue for the quarter was up 6.9% on a year-over-year basis. Equities analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.
Tapestry Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be paid a $0.35 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.66%. Tapestry's payout ratio is 36.84%.
Insider Activity at Tapestry
In other Tapestry 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 transaction 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction, the vice president now directly owns 40,922 shares in the company, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by company insiders.
About Tapestry
(
Free Report)
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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