Kestra Private Wealth Services LLC Acquires Shares of 3,137 Tapestry, Inc. (NYSE:TPR)

Key Points

• Kestra Private Wealth Services LLC has acquired a new position in Tapestry, Inc., purchasing 3,137 shares valued at approximately $221,000 during the first quarter.
• Tapestry reported strong quarterly earnings, with an EPS of $1.03 exceeding analysts' expectations, along with a revenue of $1.58 billion for the quarter.
• The company recently announced a quarterly dividend of $0.35 per share, reflecting an annualized yield of 1.27% and a payout ratio of 36.84%.

Kestra Private Wealth Services LLC bought a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,137 shares of the luxury accessories retailer's stock, valued at approximately $221,000.

A number of other large investors also recently modified their holdings of TPR. Coppell Advisory Solutions LLC lifted its stake in shares of 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 acquiring an additional 150 shares during the period. Private Trust Co. NA lifted its stake in shares of Tapestry by 27.2% in the 1st quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock worth $50,000 after acquiring an additional 153 shares during the period. Mather Group LLC. lifted its stake in shares of Tapestry by 2.8% in the 1st quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer's stock worth $424,000 after acquiring an additional 165 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Tapestry by 25.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock worth $68,000 after acquiring an additional 194 shares during the period. Finally, Apollon Wealth Management LLC lifted its stake in shares of Tapestry by 4.2% in the first quarter. Apollon Wealth Management LLC now owns 5,229 shares of the luxury accessories retailer's stock valued at $368,000 after purchasing an additional 211 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

TPR traded up $0.72 on Wednesday, reaching $108.12. The company had a trading volume of 3,724,140 shares, compared to its average volume of 4,938,572. The company has a fifty day moving average of $89.27 and a 200-day moving average of $79.44. The company has a market capitalization of $22.46 billion, a P/E ratio of 28.45, a PEG ratio of 2.28 and a beta of 1.47. 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, Inc. has a one year low of $35.23 and a one year high of $110.44.

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

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Stockholders 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 annualized dividend and a dividend yield of 1.29%. Tapestry's dividend payout ratio (DPR) is 36.84%.

Insider Activity

In other news, CEO Todd Kahn sold 40,000 shares of the firm'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 transaction, the chief executive officer owned 116,062 shares in the company, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the transaction, the vice president owned 40,922 shares of the company's stock, 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. Company insiders own 1.18% of the company's stock.

Analysts Set New Price Targets

Several 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. Barclays restated an "overweight" rating and set a $105.00 target price (up previously from $98.00) on shares of Tapestry in a research report on Friday, July 11th. JPMorgan Chase & Co. lifted their price target on shares of Tapestry from $104.00 to $145.00 and gave the stock an "overweight" rating in a report on Monday. Citigroup boosted their target price on shares of Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a report on Thursday, June 12th. Four investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.17.

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.