Strategy Asset Managers LLC Makes New Investment in Tapestry, Inc. (NYSE:TPR)

Key Points

• Strategy Asset Managers LLC has purchased a new stake in Tapestry, Inc., acquiring 9,558 shares valued at approximately $673,000 in the first quarter.
• Tapestry reported a net margin of 12.50% and earnings of $1.03 per share for the last quarter, exceeding analysts' expectations.
• The company declared a quarterly dividend of $0.35 per share, resulting in an annualized yield of 1.3% with a payout ratio of 36.84%.

Strategy Asset Managers LLC bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 9,558 shares of the luxury accessories retailer's stock, valued at approximately $673,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Harbour Investments Inc. grew its position in Tapestry by 120.1% in the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after acquiring an additional 197 shares during the last quarter. Greenline Partners LLC acquired a new stake in shares of Tapestry in the 4th quarter valued at approximately $29,000. MorganRosel Wealth Management LLC acquired a new stake in shares of Tapestry in the 1st quarter valued at approximately $35,000. Opal Wealth Advisors LLC bought a new stake in shares of Tapestry during the 1st quarter valued at approximately $35,000. Finally, Coppell Advisory Solutions LLC increased its position in Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after purchasing an additional 150 shares in the last quarter. Institutional investors own 90.77% of the company's stock.

Tapestry Price Performance

Shares of NYSE TPR opened at $111.62 on Wednesday. The company has a market capitalization of $23.18 billion, a PE ratio of 29.37, a P/E/G ratio of 2.26 and a beta of 1.51. 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, Inc. has a twelve month low of $36.24 and a twelve month high of $112.49. The firm has a fifty day simple moving average of $92.32 and a 200 day simple moving average of $80.85.

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. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the company posted $0.81 EPS. The business's quarterly revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders 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 annualized dividend and a yield of 1.3%. Tapestry's payout ratio is 36.84%.

Insider Activity at Tapestry

In other news, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were 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 owned 116,062 shares of the company's stock, valued at $9,447,446.80. This trade represents a 25.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction on 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 owned 40,922 shares in the company, valued at $3,350,693.36. The trade was a 3.31% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on TPR. UBS Group reissued a "neutral" rating and issued a $112.00 price objective (up previously from $73.00) on shares of Tapestry in a research note on Monday. Barclays reiterated an "overweight" rating and set a $105.00 price target (up from $98.00) on shares of Tapestry in a report on Friday, July 11th. Morgan Stanley raised their price objective on Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Citigroup boosted their price objective on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, Wall Street Zen downgraded Tapestry from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $99.72.

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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