Pallas Capital Advisors LLC Grows Position in Tapestry, Inc. (NYSE:TPR)

Pallas Capital Advisors LLC raised its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 31.9% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 22,751 shares of the luxury accessories retailer's stock after purchasing an additional 5,506 shares during the period. Pallas Capital Advisors LLC's holdings in Tapestry were worth $1,602,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farther Finance Advisors LLC grew its stake in shares of Tapestry by 26.6% during the 1st quarter. Farther Finance Advisors LLC now owns 9,201 shares of the luxury accessories retailer's stock valued at $671,000 after acquiring an additional 1,933 shares during the period. Range Financial Group LLC purchased a new position in Tapestry during the first quarter valued at approximately $2,247,000. Wedge Capital Management L L P NC bought a new position in shares of Tapestry in the first quarter worth approximately $36,578,000. Wedmont Private Capital boosted its position in shares of Tapestry by 12.8% in the first quarter. Wedmont Private Capital now owns 4,243 shares of the luxury accessories retailer's stock worth $299,000 after purchasing an additional 480 shares during the period. Finally, CMC Financial Group purchased a new stake in shares of Tapestry in the first quarter worth $249,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of Tapestry 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 sale, the chief executive officer now owns 116,062 shares in the company, valued at $9,447,446.80. This trade represents a 25.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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 completion of the sale, the vice president now directly owns 40,922 shares of the company's stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on TPR shares. Barclays upped their target price on shares of Tapestry from $83.00 to $98.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. UBS Group boosted their price objective on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Robert W. Baird increased their target price on Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Redburn Atlantic raised Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 target price on the stock in a research note on Tuesday, February 18th. Finally, Citigroup upped their price target on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $83.89.

Tapestry Trading Up 0.8%

Shares of Tapestry stock traded up $0.65 on Tuesday, reaching $79.91. The company had a trading volume of 2,870,587 shares, compared to its average volume of 4,253,537. The firm has a market cap of $16.60 billion, a price-to-earnings ratio of 23.16, a P/E/G ratio of 2.01 and a beta of 1.46. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The firm's 50-day moving average price is $72.73 and its two-hundred day moving average price is $72.22. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data 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 net margin of 11.74% and a return on equity of 44.00%. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. Tapestry's quarterly revenue was up 6.9% compared to the same quarter last year. As a group, research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.75%. Tapestry's dividend payout ratio is 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.