Tenzing Global Management LLC bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 72,500 shares of the luxury accessories retailer's stock, valued at approximately $4,736,000. Tapestry makes up 3.5% of Tenzing Global Management LLC's holdings, making the stock its 13th biggest position.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Texas Bank & Trust Co bought a new position in Tapestry during the 4th quarter worth $259,000. Systematic Financial Management LP increased its holdings in Tapestry by 2.6% in the 4th quarter. Systematic Financial Management LP now owns 405,659 shares of the luxury accessories retailer's stock valued at $26,502,000 after buying an additional 10,343 shares during the period. Snowden Capital Advisors LLC increased its holdings in Tapestry by 4.8% in the 4th quarter. Snowden Capital Advisors LLC now owns 17,211 shares of the luxury accessories retailer's stock valued at $1,124,000 after buying an additional 788 shares during the period. Shellback Capital LP lifted its position in shares of Tapestry by 0.3% during the 4th quarter. Shellback Capital LP now owns 1,002,624 shares of the luxury accessories retailer's stock worth $65,501,000 after buying an additional 2,624 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC bought a new stake in shares of Tapestry in the 4th quarter valued at about $245,000. Institutional investors own 90.77% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms recently commented on TPR. Wells Fargo & Company reaffirmed 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 reiterated an "outperform" rating and set a $85.00 target price (up previously from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Robert W. Baird lifted their target price on shares of Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Evercore ISI upped their price target on shares of Tapestry from $68.00 to $74.00 and gave the company an "outperform" rating in a research note on Monday, January 27th. Finally, UBS Group upped their target price on shares of Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Tapestry presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.89.
Read Our Latest Research Report on TPR
Tapestry Stock Performance
Shares of TPR traded down $2.72 during midday trading on Wednesday, reaching $79.80. 3,794,561 shares of the stock were exchanged, compared to its average volume of 4,224,523. The business's 50-day moving average price is $71.00 and its 200 day moving average price is $69.63. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The company has a market capitalization of $16.57 billion, a price-to-earnings ratio of 23.13, a PEG ratio of 2.01 and a beta of 1.41.
Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. The business had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The business's revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.81 earnings per share. On average, sell-side analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.
Tapestry Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.75%. Tapestry's dividend payout ratio (DPR) is 36.84%.
Insider Transactions at Tapestry
In other news, CEO Todd Kahn sold 7,786 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the transaction, the chief executive officer now owns 201,531 shares of the company's stock, valued at approximately $17,652,100.29. This trade represents a 3.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the transaction, the chief financial officer now owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 107,936 shares of company stock valued at $9,101,139 in the last ninety days. Corporate insiders own 1.18% of the company's stock.
Tapestry Company Profile
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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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