USA Financial Formulas Takes $982,000 Position in Tapestry, Inc. (NYSE:TPR)

USA Financial Formulas purchased a new position in Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 13,943 shares of the luxury accessories retailer's stock, valued at approximately $982,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Greenline Partners LLC purchased a new position in Tapestry in the fourth quarter worth about $29,000. Coppell Advisory Solutions LLC lifted 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 worth $34,000 after purchasing an additional 150 shares during the last quarter. Venturi Wealth Management LLC lifted its stake in Tapestry by 78.0% in the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock worth $38,000 after purchasing an additional 252 shares during the last quarter. Canada Post Corp Registered Pension Plan bought a new stake in Tapestry in the fourth quarter worth about $48,000. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in Tapestry by 25.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock worth $68,000 after purchasing an additional 194 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on TPR shares. Raymond James reissued an "outperform" rating and issued a $85.00 price objective (up previously from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Wall Street Zen raised shares of Tapestry from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Redburn Atlantic raised shares of Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price objective for the company in a research note on Tuesday, February 18th. Citigroup lifted their price target on shares of Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, The Goldman Sachs Group lifted their price target on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Three analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and a consensus price target of $86.56.

Tapestry Stock Down 4.0%

NYSE:TPR traded down $3.32 during trading hours on Friday, reaching $78.88. The company's stock had a trading volume of 3,129,735 shares, compared to its average volume of 4,287,989. The company has a market capitalization of $16.38 billion, a P/E ratio of 22.86, a price-to-earnings-growth ratio of 2.01 and a beta of 1.46. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The stock has a 50 day moving average price of $74.16 and a two-hundred day moving average price of $72.69.

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 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%. Tapestry's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.81 earnings per share. Equities analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

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

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of Tapestry 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 now directly owns 40,922 shares of the company's stock, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of Tapestry 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 now directly owns 116,062 shares in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company's stock.

Tapestry 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.