IFP Advisors Inc Trims Stake in Tapestry, Inc. (NYSE:TPR)

Key Points

• IFP Advisors Inc reduced its stake in Tapestry, Inc. by 47.8% in Q1, holding 2,837 shares valued at $200,000 after selling 2,594 shares.
• Several analysts have issued positive ratings on Tapestry, with 18 buy ratings and an average price target of $93.11, while the stock is currently trading around $110.37.
• The company reported a net margin of 12.50% and a revenue of $1.58 billion in its latest earnings report, surpassing analyst expectations.

IFP Advisors Inc cut its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 47.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,837 shares of the luxury accessories retailer's stock after selling 2,594 shares during the quarter. IFP Advisors Inc's holdings in Tapestry were worth $200,000 at the end of the most recent reporting period.

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

Tapestry Price Performance

TPR traded up $0.76 during trading on Wednesday, hitting $108.16. The company's stock had a trading volume of 2,230,781 shares, compared to its average volume of 4,926,681. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $110.44. The business's fifty day simple moving average is $89.27 and its 200 day simple moving average is $79.44. The firm has a market capitalization of $22.46 billion, a price-to-earnings ratio of 28.46, a P/E/G ratio of 2.28 and a beta of 1.47.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating 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 company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the company earned $0.81 earnings per share. Tapestry's quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were given a $0.35 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.29%. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

Analyst Ratings Changes

TPR has been the subject of a number of research analyst reports. Wall Street Zen cut Tapestry from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. Citigroup increased their price objective on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a report on Friday, May 9th. Telsey Advisory Group reissued an "outperform" rating and issued a $92.00 price objective on shares of Tapestry in a report on Friday, May 9th. UBS Group increased their price objective on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. increased their price objective on Tapestry from $104.00 to $145.00 and gave the company an "overweight" rating in a report on Monday. Four analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.17.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 1,399 shares of Tapestry 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 value of $3,256,000.00. Following the sale, the chief executive officer directly owned 116,062 shares of the company's stock, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

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.