3,416 Shares in Tapestry, Inc. (NYSE:TPR) Purchased by Meeder Advisory Services Inc.

Key Points

• Meeder Advisory Services Inc. has acquired a new stake in Tapestry, Inc., purchasing 3,416 shares valued at approximately $241,000 during the first quarter.
• Institutional investors collectively own over 90% of Tapestry, with significant stake increases reported by firms like Ameriprise Financial Inc. and Price T Rowe Associates Inc.
• Tapestry's recent earnings report revealed an earnings per share of $1.03, exceeding analysts' expectations, and the company announced a quarterly dividend of $0.35, reflecting a 1.3% yield.

Meeder Advisory Services Inc. bought a new position in Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 3,416 shares of the luxury accessories retailer's stock, valued at approximately $241,000.

Several other hedge funds also recently made changes to their positions in TPR. Ameriprise Financial Inc. raised its stake in Tapestry by 4.8% during the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock valued at $527,799,000 after acquiring an additional 370,784 shares in the last quarter. Geode Capital Management LLC raised its stake in Tapestry by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock valued at $376,247,000 after acquiring an additional 176,717 shares in the last quarter. Northern Trust Corp raised its stake in Tapestry by 3.0% during the 4th quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock valued at $183,909,000 after acquiring an additional 83,222 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Tapestry by 593.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock valued at $143,198,000 after acquiring an additional 1,875,753 shares in the last quarter. Finally, Southpoint Capital Advisors LP bought a new stake in Tapestry during the 4th quarter valued at $130,660,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Transactions at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction dated Monday, May 12th. The stock was 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 owned 40,922 shares of the company's stock, valued at $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the sale, the chief executive officer directly owned 116,062 shares of the company's stock, valued at $9,447,446.80. This represents a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

Tapestry Stock Up 5.2%

Shares of TPR stock traded up $5.55 on Monday, reaching $111.86. 4,247,157 shares of the company's stock traded hands, compared to its average volume of 4,016,203. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $111.93. 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 capitalization of $23.23 billion, a P/E ratio of 29.44, a price-to-earnings-growth ratio of 2.14 and a beta of 1.51. The business's 50 day moving average price is $91.01 and its two-hundred day moving average price is $80.35.

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, beating 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 company posted $0.81 earnings per share. The business's quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were given a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.3%. Tapestry's payout ratio is currently 36.84%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TPR. The Goldman Sachs Group lifted their target price on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Wells Fargo & Company reissued an "overweight" rating and issued a $100.00 price objective (up previously from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. UBS Group boosted their price objective on Tapestry from $73.00 to $112.00 and gave the stock a "neutral" rating in a research note on Monday. TD Cowen raised 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. Finally, Citigroup boosted their price objective on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $99.72.

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.