Tapestry, Inc. (NYSE:TPR) Shares Acquired by Vestcor Inc

Key Points

• Vestcor Inc increased its stake in Tapestry, Inc. by 78.5% during the 1st quarter, acquiring 6,458 additional shares, bringing its total holdings to 14,681 shares worth approximately $1,034,000.
• Tapestry received several upgrades from brokerages, with price targets increased by firms like Barclays and Citigroup, reflecting a consensus rating of "Moderate Buy" and a price target of $97.56.
• The company announced a quarterly dividend of $0.35 per share, representing a 1.3% dividend yield, with an annualized payout of $1.40.

Vestcor Inc boosted its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 78.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,681 shares of the luxury accessories retailer's stock after purchasing an additional 6,458 shares during the quarter. Vestcor Inc's holdings in Tapestry were worth $1,034,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Greenline Partners LLC purchased a new stake in shares of Tapestry in the fourth quarter valued at $29,000. Coppell Advisory Solutions LLC lifted its position in Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after buying an additional 150 shares during the period. Opal Wealth Advisors LLC acquired a new stake in Tapestry in the 1st quarter worth about $35,000. MorganRosel Wealth Management LLC purchased a new stake in Tapestry in the 1st quarter valued at about $35,000. Finally, Canada Post Corp Registered Pension Plan purchased a new stake in Tapestry in the 4th quarter valued at about $48,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TPR. Barclays reiterated an "overweight" rating and set a $105.00 price objective (up from $98.00) on shares of Tapestry in a report on Friday, July 11th. Citigroup increased their price target on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Raymond James Financial reiterated an "outperform" rating and issued a $115.00 price target (up previously from $85.00) on shares of Tapestry in a report on Tuesday, July 22nd. Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a report on Thursday, June 12th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $100.00 target price (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Four equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.56.

Insider Buying and Selling

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction 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 transaction, the chief executive officer directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $114,550.12. Following the completion of the sale, the vice president owned 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents 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 company insiders.

Tapestry Stock Performance

Tapestry stock opened at $106.32 on Friday. The firm has a market capitalization of $22.08 billion, a PE ratio of 27.98, a price-to-earnings-growth ratio of 2.18 and a beta of 1.51. The stock's 50 day moving average price is $91.01 and its 200 day moving average price is $80.19. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. Tapestry, Inc. has a one year low of $35.23 and a one year high of $110.44.

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, beating analysts' consensus estimates of $0.89 by $0.14. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The company had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. During the same period in the prior year, the company posted $0.81 EPS. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. As a group, sell-side analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

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

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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