3,485 Shares in Tapestry, Inc. (NYSE:TPR) Bought by Optimist Retirement Group LLC

Optimist Retirement Group LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 3,485 shares of the luxury accessories retailer's stock, valued at approximately $245,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Greenline Partners LLC acquired a new position in Tapestry during the 4th quarter worth $29,000. Coppell Advisory Solutions LLC lifted its position in Tapestry by 40.7% during the 4th 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 during the last quarter. Opal Wealth Advisors LLC acquired a new position in Tapestry during the 1st quarter worth $35,000. MorganRosel Wealth Management LLC acquired a new position in Tapestry during the 1st quarter worth $35,000. Finally, Canada Post Corp Registered Pension Plan acquired a new position in Tapestry during the 4th quarter worth $48,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Trading Up 1.2%

TPR stock traded up $1.25 during midday trading on Friday, reaching $103.41. The company's stock had a trading volume of 3,404,135 shares, compared to its average volume of 4,427,196. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $104.23. The stock has a market cap of $21.48 billion, a PE ratio of 27.21, a price-to-earnings-growth ratio of 2.14 and a beta of 1.47. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. The business's 50-day simple moving average is $85.74 and its 200-day simple moving average is $77.47.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The firm had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.53 billion. During the same period last year, the firm earned $0.81 earnings per share. The business's revenue for the quarter was up 6.9% on a year-over-year basis. As a group, sell-side analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were paid 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 yield of 1.35%. Tapestry's payout ratio is presently 36.84%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. The Goldman Sachs Group boosted their target price on shares of Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Thursday, June 12th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $100.00 price objective (up previously from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Thursday, June 12th. Finally, Barclays reaffirmed an "overweight" rating and set a $105.00 price objective (up previously from $98.00) on shares of Tapestry in a research report on Friday, July 11th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $89.17.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the 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 sale, the vice president directly owned 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the sale, the chief executive officer owned 116,062 shares in the company, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by company insiders.

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.