Exchange Traded Concepts LLC Grows Stake in Tapestry, Inc. (NYSE:TPR)

Exchange Traded Concepts LLC grew its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 26.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,997 shares of the luxury accessories retailer's stock after purchasing an additional 3,341 shares during the quarter. Exchange Traded Concepts LLC's holdings in Tapestry were worth $1,126,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of TPR. Asset Management One Co. Ltd. grew its holdings in Tapestry by 27.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 5,819 shares of the luxury accessories retailer's stock worth $383,000 after purchasing an additional 1,261 shares during the last quarter. Principal Securities Inc. grew its holdings in Tapestry by 45.7% in the fourth quarter. Principal Securities Inc. now owns 1,633 shares of the luxury accessories retailer's stock worth $107,000 after purchasing an additional 512 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of 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 buying an additional 39,298 shares during the period. Sanctuary Advisors LLC lifted its stake in shares of Tapestry by 1.5% during the fourth quarter. Sanctuary Advisors LLC now owns 41,464 shares of the luxury accessories retailer's stock worth $2,709,000 after buying an additional 625 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in shares of Tapestry by 3.2% during the fourth quarter. CIBC Asset Management Inc now owns 33,374 shares of the luxury accessories retailer's stock worth $2,180,000 after buying an additional 1,049 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on TPR shares. Telsey Advisory Group reiterated an "outperform" rating and set a $92.00 price objective on shares of Tapestry in a research note on Friday, May 9th. Morgan Stanley upgraded shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective for the company in a research note on Thursday, May 8th. Robert W. Baird lifted their price objective on shares of Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Argus lifted their price objective on shares of Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Citigroup lifted their price objective on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $88.78.

Tapestry Trading Up 1.8%

Shares of Tapestry stock opened at $84.24 on Thursday. The firm has a 50-day simple moving average of $75.28 and a two-hundred day simple moving average of $73.07. The company has a market cap of $17.50 billion, a P/E ratio of 22.17, a price-to-earnings-growth ratio of 1.84 and a beta of 1.46. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The company's revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.81 earnings per share. As a group, equities analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.66%. Tapestry's dividend payout ratio (DPR) is currently 36.84%.

Insiders Place Their Bets

In other news, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 sale, the vice president now directly owns 40,922 shares of the company's stock, valued at $3,350,693.36. This represents a 3.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

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.

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