TCW Group Inc. Buys 18,156 Shares of Tapestry, Inc. (NYSE:TPR)

Key Points

• TCW Group Inc. increased its stake in Tapestry, Inc. by 2.8%, owning 675,369 shares valued at approximately $47.5 million after purchasing an additional 18,156 shares in the first quarter.
• Tapestry reported a quarterly earnings per share (EPS) of $1.03, surpassing estimates by $0.14, alongside a revenue of $1.58 billion, marking a year-over-year increase of 6.9%.
• The company announced a quarterly dividend of $0.35, leading to an annualized yield of 1.29% and a payout ratio of 36.84%.

TCW Group Inc. increased its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 2.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 675,369 shares of the luxury accessories retailer's stock after purchasing an additional 18,156 shares during the period. TCW Group Inc. owned approximately 0.33% of Tapestry worth $47,553,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Buying and Selling at Tapestry

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the 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 transaction, the chief executive officer directly owned 116,062 shares of the company's stock, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president directly owned 40,922 shares of the company's stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by corporate insiders.

Tapestry Stock Up 0.7%

TPR stock traded up $0.72 during trading on Wednesday, reaching $108.12. 3,723,597 shares of the stock were exchanged, compared to its average volume of 4,938,566. The firm has a market cap of $22.46 billion, a P/E ratio of 28.45, a price-to-earnings-growth ratio of 2.28 and a beta of 1.47. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $110.44. The firm's 50 day moving average is $89.27 and its 200 day moving average is $79.44. 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 (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, topping the consensus estimate of $0.89 by $0.14. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 earnings per share. As a group, research 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. Investors of record on Friday, June 6th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.29%. Tapestry's dividend payout ratio (DPR) is currently 36.84%.

Analyst Ratings Changes

A number of equities analysts have recently commented on TPR shares. Wall Street Zen cut Tapestry from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. UBS Group boosted their price objective on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Telsey Advisory Group restated an "outperform" rating and set a $92.00 price objective on shares of Tapestry in a research report on Friday, May 9th. Wells Fargo & Company restated an "overweight" rating and set a $100.00 price objective (up previously from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Finally, JPMorgan Chase & Co. boosted their price objective on Tapestry from $104.00 to $145.00 and gave the stock an "overweight" rating in a research report on Monday. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $96.17.

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.