Michels Family Financial LLC Takes $948,000 Position in Tapestry, Inc. (NYSE:TPR)

Michels Family Financial LLC bought a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 14,516 shares of the luxury accessories retailer's stock, valued at approximately $948,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Greenline Partners LLC bought a new stake in Tapestry during the fourth quarter worth $29,000. Coppell Advisory Solutions LLC increased its holdings in shares of 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 buying an additional 150 shares in the last quarter. Venturi Wealth Management LLC increased its holdings in shares of Tapestry by 78.0% during the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock worth $38,000 after buying an additional 252 shares in the last quarter. Canada Post Corp Registered Pension Plan acquired a new position in shares of Tapestry during the fourth quarter worth $48,000. Finally, UMB Bank n.a. increased its holdings in shares of Tapestry by 72.9% during the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer's stock worth $77,000 after buying an additional 496 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TPR. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective for the company in a report on Thursday, May 8th. Telsey Advisory Group reiterated an "outperform" rating and set a $92.00 price target on shares of Tapestry in a report on Friday, May 9th. Citigroup increased 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. Guggenheim increased their price target on Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, Wall Street Zen upgraded Tapestry from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Four equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Tapestry has a consensus rating of "Moderate Buy" and an average target price of $83.89.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer now owns 116,062 shares in the company, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction dated 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 now owns 40,922 shares in the company, valued at $3,350,693.36. This represents a 3.31% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by insiders.

Tapestry Price Performance

Shares of NYSE TPR traded down $2.04 during mid-day trading on Thursday, reaching $78.38. 3,188,748 shares of the company were exchanged, compared to its average volume of 4,242,051. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The stock has a market capitalization of $16.28 billion, a PE ratio of 22.73, a PEG ratio of 2.01 and a beta of 1.41. The company's 50 day moving average price is $71.83 and its 200 day moving average price is $70.69.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.81 earnings per share. Sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.79%. The ex-dividend date is Friday, June 6th. Tapestry's dividend payout ratio 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.