Virtu Financial LLC Purchases 25,799 Shares of Tapestry, Inc. (NYSE:TPR)

Key Points

• Virtu Financial LLC has significantly increased its stake in Tapestry, Inc., acquiring an additional 25,799 shares, bringing its total holdings to 29,947 shares, valued at approximately $2.1 million.
• Several hedge funds have also made notable adjustments to their positions in Tapestry, with 90.77% of the stock now owned by institutional investors.
• Analysts' reactions have varied, with Bank of America downgrading Tapestry to a "neutral" rating, while others like Morgan Stanley and Barclays raised their price targets, indicating a consensus rating of "Moderate Buy."

Virtu Financial LLC lifted its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 622.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,947 shares of the luxury accessories retailer's stock after acquiring an additional 25,799 shares during the quarter. Virtu Financial LLC's holdings in Tapestry were worth $2,108,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Harbour Investments Inc. raised its position in Tapestry by 120.1% in the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after purchasing an additional 197 shares during the last quarter. Greenline Partners LLC bought a new position in Tapestry in the 4th quarter worth approximately $29,000. MorganRosel Wealth Management LLC bought a new position in Tapestry in the 1st quarter worth approximately $35,000. Opal Wealth Advisors LLC bought a new position in Tapestry in the 1st quarter worth approximately $35,000. Finally, Coppell Advisory Solutions LLC raised its position in Tapestry by 40.7% in the 4th 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. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TPR has been the subject of several recent research reports. Citigroup upped their target price on shares of Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Telsey Advisory Group restated an "outperform" rating and issued a $125.00 price objective (up previously from $92.00) on shares of Tapestry in a research report on Monday. TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Thursday, June 12th. Argus upped their price objective on shares of Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Finally, The Goldman Sachs Group upped their target price 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. Four analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $101.56.

Tapestry Stock Performance

NYSE:TPR traded up $2.97 during mid-day trading on Tuesday, hitting $110.93. The stock had a trading volume of 3,803,535 shares, compared to its average volume of 3,995,746. Tapestry, Inc. has a twelve month low of $37.47 and a twelve month high of $113.08. The stock has a market cap of $23.04 billion, a price-to-earnings ratio of 29.19, a PEG ratio of 2.18 and a beta of 1.51. The company's 50 day simple moving average is $95.40 and its 200 day simple moving average is $82.11. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76.

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.