Meeder Asset Management Inc. Acquires 8,434 Shares of Tapestry, Inc. (NYSE:TPR)

Key Points

• Meeder Asset Management Inc. significantly increased its stake in Tapestry, Inc. by 4,932.2%, acquiring an additional 8,434 shares, bringing its total to 8,605 shares valued at approximately $606,000.
• Tapestry reported a better-than-expected quarterly earnings with an EPS of $1.03, surpassing analysts' expectations of $0.89, and a revenue of $1.58 billion.
• The company recently declared a quarterly dividend of $0.35 per share, reflecting a 1.30% yield and a payout ratio of 36.84%.

Meeder Asset Management Inc. boosted its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 4,932.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,605 shares of the luxury accessories retailer's stock after acquiring an additional 8,434 shares during the quarter. Meeder Asset Management Inc.'s holdings in Tapestry were worth $606,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TPR. LPL Financial LLC boosted its stake in shares of Tapestry by 1.5% during the 4th quarter. LPL Financial LLC now owns 122,258 shares of the luxury accessories retailer's stock worth $7,987,000 after acquiring an additional 1,791 shares in the last quarter. Norges Bank bought a new stake in Tapestry during the fourth quarter worth approximately $114,199,000. Nomura Asset Management Co. Ltd. grew its holdings in Tapestry by 17.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 5,029 shares of the luxury accessories retailer's stock valued at $329,000 after purchasing an additional 754 shares during the last quarter. Brown Brothers Harriman & Co. raised its position in shares of Tapestry by 1,792.1% in the fourth quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer's stock valued at $78,000 after purchasing an additional 1,129 shares during the period. Finally, Schroder Investment Management Group lifted its stake in shares of Tapestry by 86.4% in the fourth quarter. Schroder Investment Management Group now owns 177,092 shares of the luxury accessories retailer's stock worth $11,656,000 after buying an additional 82,083 shares during the last quarter. Institutional investors own 90.77% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TPR. Wall Street Zen downgraded Tapestry from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Citigroup increased their price objective on shares of Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating in a report on Thursday, June 12th. Telsey Advisory Group reissued an "outperform" rating and issued a $92.00 price target on shares of Tapestry in a research report on Friday, May 9th. Finally, 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. Four research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, Tapestry presently has an average rating of "Moderate Buy" and an average price target of $97.56.

Insider Activity at Tapestry

In other news, 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 transaction of $114,550.12. Following the transaction, the vice president directly owned 40,922 shares of the company's stock, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction on 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 $9,447,446.80. This trade 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 company insiders.

Tapestry Trading Down 2.4%

Shares of TPR stock traded down $2.61 during trading hours on Friday, reaching $105.42. The company had a trading volume of 807,762 shares, compared to its average volume of 4,896,057. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $110.44. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The firm has a market cap of $21.90 billion, a price-to-earnings ratio of 27.70, a P/E/G ratio of 2.18 and a beta of 1.47. The company has a 50 day moving average of $90.42 and a 200 day moving average of $79.92.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data 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 business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. The firm's revenue was up 6.9% on a year-over-year basis. On average, equities research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.3%. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

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.