Legacy Capital Group California Inc. Reduces Stake in Tapestry, Inc. (NYSE:TPR)

Key Points

• Legacy Capital Group California Inc. has reduced its stake in Tapestry, Inc. by 16.8%, owning 14,522 shares valued at approximately $1,022,000 as of the last SEC filing.
• Tapestry reported earnings of $1.03 per share for the last quarter, surpassing expectations and showing a 6.9% year-over-year revenue growth.
• Several hedge funds have increased their positions in Tapestry, with institutional investors now holding 90.77% of the company's stock.

Legacy Capital Group California Inc. lessened its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 16.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,522 shares of the luxury accessories retailer's stock after selling 2,927 shares during the period. Legacy Capital Group California Inc.'s holdings in Tapestry were worth $1,022,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. West Michigan Advisors LLC acquired a new position in shares of Tapestry during the first quarter worth about $453,000. iA Global Asset Management Inc. purchased a new position in shares of Tapestry in the 1st quarter valued at approximately $8,644,000. Earned Wealth Advisors LLC grew its stake in shares of Tapestry by 8.6% in the 1st quarter. Earned Wealth Advisors LLC now owns 7,188 shares of the luxury accessories retailer's stock valued at $506,000 after purchasing an additional 567 shares during the last quarter. Scotia Capital Inc. acquired a new stake in shares of Tapestry in the 1st quarter valued at approximately $1,664,000. Finally, Banco Santander S.A. acquired a new stake in shares of Tapestry in the 1st quarter valued at approximately $5,617,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Price Performance

TPR opened at $111.62 on Wednesday. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a 12 month low of $36.24 and a 12 month high of $112.49. The company has a fifty day simple moving average of $92.32 and a 200 day simple moving average of $80.85. The stock has a market cap of $23.18 billion, a P/E ratio of 29.37, a P/E/G ratio of 2.26 and a beta of 1.51.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate 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 last year, the business posted $0.81 EPS. The company's revenue for the quarter was up 6.9% on a year-over-year basis. On average, research analysts expect 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 annualized dividend and a yield of 1.3%. Tapestry's payout ratio is 36.84%.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value 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. The trade was a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the transaction, the chief executive officer 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. Insiders own 1.18% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on TPR. Citigroup boosted their price target on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, May 9th. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target on the stock in a research note on Thursday, June 12th. Argus upped their price objective on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Morgan Stanley upped their target price on Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Wall Street Zen lowered Tapestry from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Four investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to data from MarketBeat.com, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.72.

Tapestry Company 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.

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