Victory Capital Management Inc. Purchases 105,591 Shares of Tapestry, Inc. (NYSE:TPR)

Victory Capital Management Inc. grew its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 20.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 620,686 shares of the luxury accessories retailer's stock after buying an additional 105,591 shares during the quarter. Victory Capital Management Inc. owned 0.30% of Tapestry worth $43,703,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of TPR. Greenline Partners LLC purchased a new position in Tapestry in the fourth quarter worth $29,000. MorganRosel Wealth Management LLC purchased a new position in Tapestry in the first quarter worth $35,000. Opal Wealth Advisors LLC bought a new stake in Tapestry in the first quarter worth $35,000. Coppell Advisory Solutions LLC raised its stake in shares of Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after acquiring an additional 150 shares during the last quarter. Finally, Private Trust Co. NA raised its stake in shares of Tapestry by 27.2% during the first quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock valued at $50,000 after acquiring an additional 153 shares during the last quarter. Institutional investors own 90.77% of the company's stock.

Tapestry Trading Up 1.2%

Shares of TPR stock opened at $103.41 on Friday. The firm has a 50-day moving average price of $85.74 and a 200 day moving average price of $77.47. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $104.23. The company has a market capitalization of $21.48 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 2.14 and a beta of 1.47. 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 earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 EPS. Research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry's dividend payout ratio is presently 36.84%.

Insider Buying and Selling at Tapestry

In other news, 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 transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the transaction, the chief executive officer owned 116,062 shares of the company's stock, valued at $9,447,446.80. This trade represents a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

TPR has been the topic of a number of recent research reports. Wells Fargo & Company restated an "overweight" rating and issued a $100.00 price objective (up previously from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Wall Street Zen cut shares of Tapestry from a "strong-buy" rating to a "buy" rating in a report on Friday. Argus increased their price target on shares of Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target on the stock in a report on Thursday, June 12th. Finally, Morgan Stanley upgraded shares of 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. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $89.17.

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.

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