LSV Asset Management Acquires 4,200 Shares of Tapestry, Inc. (NYSE:TPR)

Key Points

• LSV Asset Management increased its stake in Tapestry, Inc. by 2.1%, owning 202,033 shares valued at approximately $14.23 million.
• Tapestry announced a quarterly dividend of $0.35 per share, yielding 1.3%, with a dividend payout ratio of 36.84%.
• The company's stock has a market cap of $23.18 billion and reported $1.03 EPS for the last quarter, exceeding analysts' expectations.

LSV Asset Management boosted its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 2.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 202,033 shares of the luxury accessories retailer's stock after acquiring an additional 4,200 shares during the period. LSV Asset Management owned 0.10% of Tapestry worth $14,225,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the stock. Harbour Investments Inc. boosted its position in Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after acquiring an additional 197 shares in the last quarter. Greenline Partners LLC bought a new stake in shares of Tapestry during the 4th quarter valued at $29,000. Coppell Advisory Solutions LLC boosted its stake in Tapestry by 40.7% during the fourth 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. Opal Wealth Advisors LLC bought a new stake in Tapestry during the first quarter worth about $35,000. Finally, MorganRosel Wealth Management LLC bought a new stake in Tapestry during the first quarter worth about $35,000. Institutional investors own 90.77% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company reiterated an "overweight" rating and issued a $100.00 price target (up previously from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research note on Thursday, June 12th. Morgan Stanley increased their price objective on shares of Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. lifted their target price on shares of Tapestry from $104.00 to $145.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Finally, TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective on the stock in a research note on Thursday, June 12th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $99.72.

Insider Buying and Selling

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 directly owned 116,062 shares of the company's stock, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 value of $114,550.12. Following the transaction, the vice president directly owned 40,922 shares of the company's stock, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

Tapestry Stock Up 0.5%

Shares of TPR stock traded up $0.56 during trading hours on Wednesday, reaching $112.05. The company had a trading volume of 4,088,168 shares, compared to its average volume of 4,908,739. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. Tapestry, Inc. has a twelve month low of $36.24 and a twelve month high of $112.58. The stock's fifty day simple moving average is $92.32 and its 200 day simple moving average is $80.85. The company has a market capitalization of $23.27 billion, a P/E ratio of 29.49, a price-to-earnings-growth ratio of 2.26 and a beta of 1.51.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping 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 company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the firm earned $0.81 EPS. The business's revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts expect 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 issued 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 dividend yield of 1.2%. Tapestry's payout ratio is currently 36.84%.

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.