Foster & Motley Inc. Has $1.75 Million Stake in Tapestry, Inc. (NYSE:TPR)

Key Points

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Foster & Motley Inc. trimmed its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 13.2% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 24,823 shares of the luxury accessories retailer's stock after selling 3,764 shares during the period. Foster & Motley Inc.'s holdings in Tapestry were worth $1,748,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. LPL Financial LLC raised its stake in shares of Tapestry by 1.5% in the 4th quarter. LPL Financial LLC now owns 122,258 shares of the luxury accessories retailer's stock valued at $7,987,000 after purchasing an additional 1,791 shares during the period. Norges Bank acquired a new stake in shares of Tapestry in the fourth quarter valued at approximately $114,199,000. Nomura Asset Management Co. Ltd. boosted its position in shares of Tapestry by 17.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 5,029 shares of the luxury accessories retailer's stock worth $329,000 after acquiring an additional 754 shares in the last quarter. Brown Brothers Harriman & Co. increased its position in Tapestry by 1,792.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer's stock worth $78,000 after purchasing an additional 1,129 shares in the last quarter. Finally, Schroder Investment Management Group increased its position in Tapestry by 86.4% during the 4th quarter. Schroder Investment Management Group now owns 177,092 shares of the luxury accessories retailer's stock worth $11,656,000 after purchasing an additional 82,083 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Tapestry Stock Performance

Shares of TPR stock opened at $108.12 on Thursday. The stock has a market cap of $22.46 billion, a PE ratio of 28.45, a price-to-earnings-growth ratio of 2.21 and a beta of 1.47. The company's fifty day moving average price is $89.83 and its 200-day moving average price is $79.64. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $110.44. 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 issued its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion during 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%. Tapestry's revenue was up 6.9% on a year-over-year basis. During the same period last year, the company earned $0.81 earnings per share. On average, equities analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal 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 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 dividend yield of 1.29%. Tapestry's payout ratio is presently 36.84%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TPR. UBS Group boosted their price target on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Argus increased their price objective on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Thursday, June 12th. The Goldman Sachs Group raised their price target on shares of Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Morgan Stanley upgraded shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target on the stock in a research note on Thursday, May 8th. Four research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, Tapestry has an average rating of "Moderate Buy" and a consensus price target of $96.17.

Insider Activity

In related news, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president owned 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction on 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 directly owned 116,062 shares in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is owned by corporate insiders.

About Tapestry

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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