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Tapestry, Inc. (NYSE:TPR) Shares Purchased by Alps Advisors Inc.

Tapestry logo with Retail/Wholesale background

Alps Advisors Inc. raised its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 12.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 119,473 shares of the luxury accessories retailer's stock after buying an additional 13,285 shares during the quarter. Alps Advisors Inc. owned about 0.06% of Tapestry worth $8,412,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Ameriprise Financial Inc. raised its stake in Tapestry by 4.8% during the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock valued at $527,799,000 after buying an additional 370,784 shares in the last quarter. Geode Capital Management LLC raised its stake in Tapestry by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock valued at $376,247,000 after buying an additional 176,717 shares in the last quarter. Alliancebernstein L.P. raised its stake in Tapestry by 15.2% during the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock valued at $270,304,000 after buying an additional 546,497 shares in the last quarter. Northern Trust Corp raised its stake in Tapestry by 3.0% during the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock valued at $183,909,000 after buying an additional 83,222 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Tapestry by 593.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock valued at $143,198,000 after buying an additional 1,875,753 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on TPR shares. Wall Street Zen raised Tapestry from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. 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 report on Wednesday, May 14th. Raymond James Financial reissued an "outperform" rating and issued a $85.00 price target (up previously from $74.00) on shares of Tapestry in a report on Friday, May 9th. Argus raised their price target on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Finally, Citigroup raised their price target on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Tapestry currently has an average rating of "Moderate Buy" and an average price target of $88.78.

Read Our Latest Analysis on Tapestry

Tapestry Stock Up 2.5%

TPR opened at $97.66 on Friday. The stock's 50 day moving average price is $82.57 and its 200 day moving average price is $75.90. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The stock has a market cap of $20.28 billion, a P/E ratio of 25.70, a P/E/G ratio of 1.97 and a beta of 1.47. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $98.25.

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

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date was Friday, June 6th. Tapestry's payout ratio is currently 36.84%.

Insiders Place Their Bets

In other news, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction on Monday, May 12th. The stock was 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 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the sale, the vice president directly owned 40,922 shares of the company's stock, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

About Tapestry

(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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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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