Kingsview Wealth Management LLC Increases Stake in Tapestry, Inc. (NYSE:TPR)

Kingsview Wealth Management LLC boosted its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 518.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,796 shares of the luxury accessories retailer's stock after acquiring an additional 36,714 shares during the quarter. Kingsview Wealth Management LLC's holdings in Tapestry were worth $3,084,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Coppell Advisory Solutions LLC raised its position in shares of Tapestry by 40.7% during 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 in the last quarter. Private Trust Co. NA raised its position in shares of Tapestry by 27.2% during 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 in the last quarter. Mather Group LLC. raised its position in shares of Tapestry by 2.8% during 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 in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Tapestry by 25.2% during 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 in the last quarter. Finally, Apollon Wealth Management LLC raised its position in shares of Tapestry by 4.2% during the 1st quarter. Apollon Wealth Management LLC now owns 5,229 shares of the luxury accessories retailer's stock worth $368,000 after acquiring an additional 211 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TPR. Telsey Advisory Group reissued an "outperform" rating and issued a $92.00 target price on shares of Tapestry in a report on Friday, May 9th. Cowen raised Tapestry from a "hold" rating to a "buy" rating in a report on Thursday, June 12th. The Goldman Sachs Group upped their price objective on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, May 9th. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective on the stock in a report on Thursday, June 12th. Finally, UBS Group upped their price objective on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. According to MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and an average price target of $89.17.

Tapestry Trading Up 1.2%

TPR stock traded up $1.25 during midday trading on Friday, hitting $103.41. 3,404,135 shares of the company's stock were exchanged, compared to its average volume of 4,427,196. The stock's fifty day moving average price is $85.74 and its 200-day moving average price is $77.47. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. The company has a market cap of $21.48 billion, a PE ratio of 27.21, a price-to-earnings-growth ratio of 2.14 and a beta of 1.47. Tapestry, Inc. has a one year low of $35.23 and a one year high of $104.23.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results 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. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the business earned $0.81 earnings per share. The business's revenue was up 6.9% compared to the same quarter last year. Research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry's payout ratio is 36.84%.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the 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 completion of the sale, the vice president directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 directly owned 116,062 shares in the company, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.

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.