SteelPeak Wealth LLC bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 31,397 shares of the luxury accessories retailer's stock, valued at approximately $2,211,000.
A number of other hedge funds also recently added to or reduced their stakes in TPR. Proficio Capital Partners LLC bought a new stake in shares of Tapestry during the fourth quarter valued at about $9,279,000. PNC Financial Services Group Inc. raised its stake in shares of Tapestry by 3.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 52,949 shares of the luxury accessories retailer's stock valued at $3,459,000 after purchasing an additional 1,560 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Tapestry by 18.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 59,608 shares of the luxury accessories retailer's stock valued at $3,894,000 after purchasing an additional 9,433 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Tapestry by 17.9% during the fourth quarter. Daiwa Securities Group Inc. now owns 12,515 shares of the luxury accessories retailer's stock worth $818,000 after acquiring an additional 1,896 shares during the period. Finally, HighTower Advisors LLC grew its holdings in Tapestry by 0.9% during the fourth quarter. HighTower Advisors LLC now owns 51,278 shares of the luxury accessories retailer's stock worth $3,350,000 after acquiring an additional 481 shares during the period. 90.77% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other news, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president directly owned 40,922 shares in the company, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction 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 sale, the chief executive officer owned 116,062 shares in the company, valued at $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.
Analyst Ratings Changes
TPR has been the topic of a number of analyst reports. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target on the stock in a research note on Thursday, June 12th. Wells Fargo & Company reissued an "overweight" rating and issued a $100.00 price target (up previously from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. Telsey Advisory Group reissued an "outperform" rating and issued a $92.00 price target on shares of Tapestry in a research note on Friday, May 9th. Morgan Stanley raised Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target on the stock in a research note on Thursday, May 8th. Finally, Argus lifted their price target on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Three equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $89.17.
View Our Latest Report on Tapestry
Tapestry Stock Up 0.9%
TPR opened at $98.50 on Friday. The business has a 50 day moving average price of $83.08 and a 200 day moving average price of $76.13. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $98.65. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. The firm has a market cap of $20.46 billion, a P/E ratio of 25.92, a price-to-earnings-growth ratio of 2.02 and a beta of 1.47.
Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly 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. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the company earned $0.81 earnings per share. The company's quarterly revenue was up 6.9% compared to the same quarter last year. Research analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.
Tapestry Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry's dividend payout ratio is presently 36.84%.
Tapestry Profile
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Free Report)
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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