Vest Financial LLC Takes Position in Tapestry, Inc. (NYSE:TPR)

Vest Financial LLC acquired a new position in Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 34,167 shares of the luxury accessories retailer's stock, valued at approximately $2,406,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TPR. Ameriprise Financial Inc. increased its holdings in Tapestry by 4.8% in the fourth 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 in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Tapestry by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock worth $522,471,000 after buying an additional 382,856 shares during the period. Geode Capital Management LLC increased its stake in shares of 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. lifted its position in shares of Tapestry by 15.2% during 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 during the period. Finally, Northern Trust Corp boosted its stake in Tapestry by 3.0% during the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock worth $183,909,000 after acquiring an additional 83,222 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Performance

Shares of NYSE TPR traded up $0.28 during midday trading on Monday, reaching $79.23. The company's stock had a trading volume of 2,292,416 shares, compared to its average volume of 4,259,070. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The firm has a 50 day moving average price of $72.64 and a 200-day moving average price of $72.08. The stock has a market capitalization of $16.46 billion, a P/E ratio of 22.97, a PEG ratio of 2.01 and a beta of 1.46. 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 (NYSE:TPR - Get Free Report) last issued its quarterly 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 analyst estimates of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. Tapestry's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company posted $0.81 earnings per share. As a group, equities analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be given 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 1.77%. Tapestry's dividend payout ratio is presently 36.84%.

Insider Transactions 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 sale, the chief executive officer now 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction on Monday, May 12th. The stock was 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 of the company's stock, valued at $3,350,693.36. The trade was 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 owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Tapestry from $88.00 to $104.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. The Goldman Sachs Group upped their price target on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target on the stock in a report on Thursday, May 8th. Wall Street Zen upgraded Tapestry from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Finally, Citigroup increased their target price on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and an average target price of $83.89.

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.