Fortem Financial Group LLC Raises Stock Position in Tapestry, Inc. (NYSE:TPR)

Fortem Financial Group LLC boosted its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 38.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 16,550 shares of the luxury accessories retailer's stock after acquiring an additional 4,619 shares during the period. Fortem Financial Group LLC's holdings in Tapestry were worth $1,165,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in TPR. Southpoint Capital Advisors LP purchased a new position in shares of Tapestry in the fourth quarter worth about $130,660,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Tapestry by 593.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock worth $143,198,000 after buying an additional 1,875,753 shares in the last quarter. Norges Bank acquired a new stake in Tapestry during the fourth quarter worth about $114,199,000. Point72 Asset Management L.P. acquired a new stake in Tapestry during the fourth quarter worth about $101,433,000. Finally, Candlestick Capital Management LP acquired a new stake in Tapestry during the fourth quarter worth about $66,902,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the transaction, the chief executive officer owned 116,062 shares in the company, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred on 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 transaction, the vice president owned 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. 1.18% of the stock is owned by insiders.

Tapestry Stock Up 0.9%

Shares of TPR stock traded up $0.86 during trading on Friday, reaching $98.50. The company's stock had a trading volume of 3,107,982 shares, compared to its average volume of 4,381,423. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The company has a market capitalization of $20.46 billion, a price-to-earnings ratio of 25.92, a P/E/G ratio of 2.02 and a beta of 1.47. The stock's 50-day moving average price is $83.08 and its 200 day moving average price is $76.13. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $98.65.

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

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were paid a $0.35 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.42%. Tapestry's dividend payout ratio is currently 36.84%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on TPR shares. Wall Street Zen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Wells Fargo & Company restated an "overweight" rating and set a $100.00 price objective (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Thursday, June 12th. UBS Group raised their price objective on shares of Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Finally, TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Thursday, June 12th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $89.17.

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.