LPL Financial LLC Buys 12,353 Shares of Tapestry, Inc. (NYSE:TPR)

Key Points

• LPL Financial LLC increased its stake in Tapestry, Inc. by 10.1%, acquiring an additional 12,353 shares and holding a total of 134,611 shares valued at approximately $9.5 million.
• Tapestry reported earnings per share of $1.03 for the last quarter, exceeding analysts' estimates of $0.89, with revenues rising 6.9% year-over-year to $1.58 billion.
• Analysts have shown a positive outlook for Tapestry, with 17 out of 21 giving it a "buy" rating, while the consensus target price has increased to around $99.72.

LPL Financial LLC lifted its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 10.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 134,611 shares of the luxury accessories retailer's stock after acquiring an additional 12,353 shares during the quarter. LPL Financial LLC owned approximately 0.07% of Tapestry worth $9,478,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TPR. Greenline Partners LLC bought a new position in Tapestry in the 4th quarter worth approximately $29,000. Coppell Advisory Solutions LLC boosted 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 during the period. Opal Wealth Advisors LLC bought a new position in Tapestry in the 1st quarter worth approximately $35,000. MorganRosel Wealth Management LLC bought a new position in Tapestry in the 1st quarter worth approximately $35,000. Finally, Canada Post Corp Registered Pension Plan bought a new position in Tapestry in the 4th quarter worth approximately $48,000. 90.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Telsey Advisory Group restated an "outperform" rating and issued a $125.00 price target (up from $92.00) on shares of Tapestry in a research note on Monday. JPMorgan Chase & Co. increased their target price on Tapestry from $104.00 to $145.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Morgan Stanley increased their target price on Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. UBS Group reiterated a "neutral" rating and set a $112.00 target price (up from $73.00) on shares of Tapestry in a research report on Monday, August 4th. Finally, TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a research report on Thursday, June 12th. Four equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Tapestry presently has a consensus rating of "Moderate Buy" and an average target price of $101.56.

Tapestry Trading Down 1.0%

TPR stock traded down $1.08 during midday trading on Monday, reaching $108.01. The company's stock had a trading volume of 4,416,871 shares, compared to its average volume of 4,901,773. 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 stock has a fifty day simple moving average of $94.16 and a two-hundred day simple moving average of $81.67. Tapestry, Inc. has a 1 year low of $37.13 and a 1 year high of $113.08. The firm has a market capitalization of $22.43 billion, a price-to-earnings ratio of 28.42, a PEG ratio of 2.20 and a beta of 1.51.

Tapestry (NYSE:TPR - Get Free Report) last announced 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 firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The business's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.81 earnings per share. On average, equities research analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

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.