Tapestry, Inc. (NYSE:TPR) Stake Boosted by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC boosted its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 9.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 77,798 shares of the luxury accessories retailer's stock after buying an additional 6,851 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Tapestry were worth $5,083,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. NorthCrest Asset Manangement LLC acquired a new position in shares of Tapestry in the 4th quarter worth approximately $205,000. PKO Investment Management Joint Stock Co bought a new position in Tapestry during the fourth quarter worth $1,111,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Tapestry in the fourth quarter worth $15,001,000. Jefferies Financial Group Inc. bought a new stake in Tapestry during the fourth quarter valued at $562,000. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of Tapestry during the fourth quarter worth $231,000. 90.77% of the stock is owned by institutional investors.

Tapestry Price Performance

TPR stock traded down $0.31 during trading on Wednesday, hitting $78.39. The company had a trading volume of 2,468,711 shares, compared to its average volume of 4,249,341. The business has a 50 day moving average of $72.18 and a 200 day moving average of $71.49. The firm has a market capitalization of $16.28 billion, a price-to-earnings ratio of 22.72, a P/E/G ratio of 2.01 and a beta of 1.41. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last posted 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. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the business earned $0.81 EPS. The company's quarterly revenue was up 6.9% compared to the same quarter last year. As a group, research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date of this dividend is Friday, June 6th. Tapestry's payout ratio is 36.84%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on TPR shares. UBS Group lifted their price target on shares of Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Barclays lifted their target price on Tapestry from $83.00 to $98.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. JPMorgan Chase & Co. upped their target price on Tapestry from $88.00 to $104.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Guggenheim raised their price target on Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, Raymond James restated an "outperform" rating and set a $85.00 price objective (up from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Four investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, Tapestry currently has an average rating of "Moderate Buy" and an average price target of $83.89.

Insider Activity

In related news, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction that occurred 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 sale, the vice president now directly owns 40,922 shares in the company, valued at $3,350,693.36. The trade was a 3.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

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.