Private Advisory Group LLC Makes New $751,000 Investment in Tapestry, Inc. (NYSE:TPR)

Key Points

• Private Advisory Group LLC has made a new investment in Tapestry, Inc., acquiring 10,664 shares valued at approximately $751,000 in the first quarter of the year.
• Tapestry's CEO Todd Kahn sold 40,000 shares at an average price of $81.40, resulting in a significant decrease in his ownership percentage by 25.63%.
• The company reported a quarterly earnings per share of $1.03, surpassing the consensus estimate and reflecting a year-over-year revenue increase of 6.9%.

Private Advisory Group LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 10,664 shares of the luxury accessories retailer's stock, valued at approximately $751,000.

Several other institutional investors also recently modified their holdings of the company. Greenline Partners LLC bought a new position in Tapestry in the 4th quarter valued at about $29,000. Coppell Advisory Solutions LLC grew its position in shares of Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after purchasing an additional 150 shares during the last quarter. Opal Wealth Advisors LLC acquired a new position in shares of Tapestry in the first quarter valued at approximately $35,000. MorganRosel Wealth Management LLC bought a new position in shares of Tapestry during the first quarter worth approximately $35,000. Finally, Canada Post Corp Registered Pension Plan acquired a new stake in Tapestry during the 4th quarter worth approximately $48,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tapestry

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 116,062 shares in the company, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president directly owned 40,922 shares of the company's stock, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.

Tapestry Stock Performance

Shares of Tapestry stock opened at $108.12 on Friday. The company's 50 day moving average price is $90.42 and its two-hundred day moving average price is $79.92. The firm has a market capitalization of $22.45 billion, a P/E ratio of 28.45, a P/E/G ratio of 2.18 and a beta of 1.47. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week 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.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the business posted $0.81 EPS. Tapestry's revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities analysts forecast 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 was paid on Monday, June 23rd. Investors of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.3%. Tapestry's dividend payout ratio (DPR) is currently 36.84%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Argus upped their price objective on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Wells Fargo & Company reiterated 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. Bank of America lowered shares of Tapestry from a "buy" rating to a "neutral" rating and increased their target price for the stock from $95.00 to $115.00 in a research report on Tuesday. Morgan Stanley raised shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 target price on the stock in a report on Thursday, May 8th. Finally, Telsey Advisory Group reiterated an "outperform" rating and issued a $92.00 price target on shares of Tapestry in a research note on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. According to data from MarketBeat, Tapestry presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.17.

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.

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