HB Wealth Management LLC Grows Holdings in Tapestry, Inc. (NYSE:TPR)

Key Points

• HB Wealth Management LLC increased its stake in Tapestry, Inc. by 36.3% during the 1st quarter, acquiring an additional 2,584 shares, bringing its total holdings to 9,699 shares.
• Tapestry's 1st quarter earnings report showed an EPS of $1.03, surpassing analysts' expectations of $0.89, along with a revenue increase of 6.9% year-over-year, totaling $1.58 billion.
• The company declared a quarterly dividend of $0.35, yielding an annualized rate of 1.29% and maintaining a payout ratio of 36.84%.

HB Wealth Management LLC raised its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 36.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,699 shares of the luxury accessories retailer's stock after buying an additional 2,584 shares during the period. HB Wealth Management LLC's holdings in Tapestry were worth $683,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Greenline Partners LLC purchased a new position in Tapestry in the 4th quarter worth approximately $29,000. Coppell Advisory Solutions LLC lifted its stake 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 purchasing an additional 150 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in Tapestry in the 1st quarter worth approximately $35,000. MorganRosel Wealth Management LLC purchased a new stake in shares of Tapestry during the 1st quarter valued at approximately $35,000. Finally, Canada Post Corp Registered Pension Plan purchased a new stake in shares of Tapestry during the 4th quarter valued at approximately $48,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction 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 transaction, the chief executive officer owned 116,062 shares in the company, valued at $9,447,446.80. This trade represents a 25.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction on Monday, May 12th. The shares were 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 in the company, 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. 1.18% of the stock is currently owned by company insiders.

Tapestry Price Performance

Shares of TPR stock traded down $1.71 during trading hours on Friday, hitting $106.32. The company's stock had a trading volume of 4,508,869 shares, compared to its average volume of 3,790,759. The business has a fifty day moving average of $91.01 and a 200-day moving average of $80.19. The stock has a market cap of $22.08 billion, a price-to-earnings ratio of 27.98, a P/E/G ratio of 2.18 and a beta of 1.51. Tapestry, Inc. has a twelve month low of $35.23 and a twelve 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 released its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.89 by $0.14. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The company's quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 earnings per share. As a group, equities research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.3%. Tapestry's dividend payout ratio (DPR) is 36.84%.

Analysts Set New Price Targets

A number of analysts have issued reports on TPR shares. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price on the stock in a research report on Thursday, June 12th. Cowen raised Tapestry from a "hold" rating to a "buy" rating in a research report on Thursday, June 12th. Citigroup boosted their target price on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Wall Street Zen lowered Tapestry from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Finally, The Goldman Sachs Group boosted their target price on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Four analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $97.56.

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.