Range Financial Group LLC Makes New $2.25 Million Investment in Tapestry, Inc. (NYSE:TPR)

Range Financial Group LLC purchased a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 31,912 shares of the luxury accessories retailer's stock, valued at approximately $2,247,000. Tapestry accounts for approximately 1.0% of Range Financial Group LLC's investment portfolio, making the stock its 27th biggest position.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Ameriprise Financial Inc. grew its stake in shares of Tapestry by 4.8% during the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock worth $527,799,000 after purchasing an additional 370,784 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Tapestry by 5.0% in the 4th 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 in the last quarter. Geode Capital Management LLC lifted its holdings in Tapestry by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock valued at $376,247,000 after purchasing an additional 176,717 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Tapestry by 15.2% during the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock worth $270,304,000 after acquiring an additional 546,497 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Tapestry by 3.0% during the 4th quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock worth $183,909,000 after acquiring an additional 83,222 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TPR has been the topic of several recent analyst reports. Morgan Stanley upgraded shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective on the stock in a report on Thursday, May 8th. Wells Fargo & Company restated an "overweight" rating and issued a $100.00 price target (up previously from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. The Goldman Sachs Group increased their price objective on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $92.00 price objective on shares of Tapestry in a research report on Friday, May 9th. Finally, Robert W. Baird raised their price target on shares of Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $83.89.

Insider Buying and Selling at Tapestry

In other news, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the transaction, the chief executive officer now owns 116,062 shares in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Manesh Dadlani sold 1,399 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. 1.18% of the stock is owned by corporate insiders.

Tapestry Stock Performance

TPR stock opened at $79.00 on Monday. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The stock has a market capitalization of $16.41 billion, a price-to-earnings ratio of 22.90, a PEG ratio of 2.01 and a beta of 1.46. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. The stock's fifty day moving average is $72.64 and its two-hundred day moving average is $72.08.

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

Tapestry Dividend Announcement

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

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