Scotia Capital Inc. Makes New Investment in Tapestry, Inc. (NYSE:TPR)

Key Points

• Scotia Capital Inc. purchased 23,632 shares of Tapestry, Inc. valued at approximately $1.66 million during the first quarter, indicating strong institutional interest in the luxury accessories retailer.
• Tapestry, Inc. reported a 6.9% year-over-year increase in revenue with an EPS of $1.03, exceeding analysts' expectations of $0.89 for the quarter.
• The company recently declared a quarterly dividend of $0.35, yielding around 1.3%, with a payout ratio of 36.84%.

Scotia Capital Inc. purchased a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 23,632 shares of the luxury accessories retailer's stock, valued at approximately $1,664,000.

Other institutional investors have also recently bought and sold shares of the company. Harbour Investments Inc. boosted its stake in Tapestry by 120.1% during the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after buying an additional 197 shares in the last quarter. Greenline Partners LLC acquired a new stake in shares of Tapestry in the 4th quarter valued at $29,000. Coppell Advisory Solutions LLC boosted its stake in shares of Tapestry by 40.7% in the 4th 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 in the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of Tapestry in the 1st quarter valued at $35,000. Finally, MorganRosel Wealth Management LLC acquired a new stake in shares of Tapestry in the 1st quarter valued at $35,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Stock Performance

Shares of NYSE:TPR opened at $111.62 on Wednesday. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $23.18 billion, a P/E ratio of 29.37, a P/E/G ratio of 2.26 and a beta of 1.51. The business has a 50-day moving average price of $92.32 and a two-hundred day moving average price of $80.85. Tapestry, Inc. has a 1-year low of $36.24 and a 1-year high of $112.49.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. Tapestry's revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 EPS. Equities analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.3%. Tapestry's dividend payout ratio is 36.84%.

Insider Transactions 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 completion of the sale, the chief executive officer directly owned 116,062 shares of the company's stock, valued at $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 is available through this hyperlink. 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 sale, the vice president directly owned 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. Corporate insiders own 1.18% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TPR. Wall Street Zen downgraded shares of Tapestry from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. The Goldman Sachs Group boosted their target price on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Telsey Advisory Group restated an "outperform" rating and issued a $92.00 target price on shares of Tapestry in a research note on Friday, May 9th. Morgan Stanley boosted their target price on shares of Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $115.00 price target (up from $85.00) on shares of Tapestry in a report on Tuesday, July 22nd. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $99.72.

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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