Procyon Advisors LLC Acquires New Position in Tapestry, Inc. (NYSE:TPR)

Procyon Advisors LLC bought a new position in Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 17,351 shares of the luxury accessories retailer's stock, valued at approximately $1,222,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TPR. Apollon Wealth Management LLC acquired a new position in shares of Tapestry during the 4th quarter valued at about $328,000. Charles Schwab Investment Management Inc. grew its holdings in Tapestry by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock valued at $522,471,000 after purchasing an additional 382,856 shares during the period. Abacus FCF Advisors LLC increased its position in Tapestry by 46.2% during the fourth quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer's stock worth $2,972,000 after purchasing an additional 14,384 shares during the last quarter. Principal Financial Group Inc. raised its stake in Tapestry by 14.6% during the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer's stock worth $20,195,000 after purchasing an additional 39,298 shares during the period. Finally, Pzena Investment Management LLC purchased a new position in Tapestry during the fourth quarter worth approximately $18,737,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TPR. Wall Street Zen raised shares of Tapestry from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Barclays lifted their target price on Tapestry from $83.00 to $98.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Robert W. Baird upped their price target on Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Telsey Advisory Group restated an "outperform" rating and issued a $92.00 price objective on shares of Tapestry in a report on Friday, May 9th. Finally, Redburn Atlantic upgraded Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 target price for the company in a report on Tuesday, February 18th. Four research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, Tapestry has an average rating of "Moderate Buy" and a consensus price target of $83.89.

Tapestry Stock Down 0.3%

NYSE TPR opened at $79.00 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The business has a 50 day moving average price of $72.64 and a two-hundred day moving average price of $71.97. The stock has a market cap of $16.41 billion, a PE ratio of 22.90, a P/E/G ratio of 2.01 and a beta of 1.46.

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

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be given a $0.35 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.77%. Tapestry's payout ratio is currently 36.84%.

Insider Buying and Selling at Tapestry

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction that occurred 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 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by corporate 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.

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