QRG Capital Management Inc. Boosts Holdings in Tapestry, Inc. (NYSE:TPR)

QRG Capital Management Inc. increased its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 39.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,813 shares of the luxury accessories retailer's stock after purchasing an additional 5,066 shares during the period. QRG Capital Management Inc.'s holdings in Tapestry were worth $1,254,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of TPR. Southpoint Capital Advisors LP purchased a new position in Tapestry during the 4th quarter valued at about $130,660,000. Price T Rowe Associates Inc. MD increased its position in shares of Tapestry by 593.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock worth $143,198,000 after acquiring an additional 1,875,753 shares in the last quarter. Norges Bank acquired a new stake in shares of Tapestry in the fourth quarter worth $114,199,000. Point72 Asset Management L.P. acquired a new stake in shares of Tapestry in the fourth quarter worth $101,433,000. Finally, Candlestick Capital Management LP purchased a new position in shares of Tapestry in the fourth quarter valued at $66,902,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Morgan Stanley upgraded shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 target price for the company in a research note on Thursday, May 8th. Telsey Advisory Group reiterated an "outperform" rating and set a $92.00 price objective on shares of Tapestry in a research note on Friday, May 9th. Wells Fargo & Company reiterated an "overweight" rating and set a $100.00 price objective (up from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. Barclays increased their price objective on shares of Tapestry from $83.00 to $98.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Finally, Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Thursday, June 12th. Three analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and an average price target of $88.78.

Tapestry Trading Up 0.2%

Shares of NYSE:TPR opened at $84.41 on Friday. The company has a market cap of $17.53 billion, a PE ratio of 22.21, a P/E/G ratio of 1.87 and a beta of 1.46. The company's 50-day moving average price is $76.11 and its 200 day moving average price is $73.35. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59.

Tapestry (NYSE:TPR - Get Free Report) last issued 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. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. Tapestry's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.81 EPS. Sell-side analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders 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 annualized dividend and a yield of 1.66%. Tapestry's payout ratio is 36.84%.

Insider Buying and Selling at Tapestry

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

About Tapestry

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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