Tounjian Advisory Partners LLC Buys New Position in Tapestry, Inc. (NYSE:TPR)

Tounjian Advisory Partners LLC bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 18,504 shares of the luxury accessories retailer's stock, valued at approximately $1,303,000.

Other institutional investors also recently added to or reduced their stakes in the company. Apollon Wealth Management LLC acquired a new stake in shares of Tapestry in the fourth quarter worth $328,000. Charles Schwab Investment Management Inc. boosted its holdings in Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock valued at $522,471,000 after purchasing an additional 382,856 shares during the period. Abacus FCF Advisors LLC increased its holdings in shares of Tapestry by 46.2% during the 4th quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer's stock worth $2,972,000 after purchasing an additional 14,384 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Tapestry by 14.6% in the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer's stock valued at $20,195,000 after buying an additional 39,298 shares during the period. Finally, Pzena Investment Management LLC acquired a new stake in Tapestry during the fourth quarter worth about $18,737,000. 90.77% of the stock is owned by institutional investors.

Tapestry Price Performance

Shares of TPR stock opened at $79.00 on Monday. The stock's fifty day moving average is $72.64 and its 200-day moving average is $72.08. The stock has a market capitalization of $16.41 billion, a PE ratio of 22.90, a PEG ratio of 2.01 and a beta of 1.46. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The company's revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.81 earnings per share. Equities research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.77%. Tapestry's payout ratio is 36.84%.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of Tapestry 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 sale, the chief executive officer now owns 116,062 shares of the company's stock, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 completion of the transaction, the vice president now directly owns 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. Company insiders own 1.18% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective for the company in a research report on Thursday, May 8th. Citigroup raised their target price on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. The Goldman Sachs Group lifted their price target on shares of Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Robert W. Baird boosted their price target on shares of Tapestry from $93.00 to $100.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Finally, Wall Street Zen raised shares of Tapestry from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Tapestry has an average rating of "Moderate Buy" and a consensus price target of $83.89.

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.

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