Wealthedge Investment Advisors LLC Invests $438,000 in Tapestry, Inc. (NYSE:TPR)

Key Points

• Wealthedge Investment Advisors LLC has invested $438,000 in Tapestry, purchasing 6,218 shares of the luxury accessories retailer's stock in the 1st quarter.
• Tapestry reported an EPS of $1.04 for the recent quarter, exceeding the consensus estimate, with revenue up 8.3% year-over-year to $1.72 billion.
• The company has announced an increase in its quarterly dividend to $0.40 per share, up from $0.35, representing a 1.7% yield for investors.

Wealthedge Investment Advisors LLC purchased a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 6,218 shares of the luxury accessories retailer's stock, valued at approximately $438,000.

Several other hedge funds and other institutional investors have also made changes to their positions in TPR. Harbour Investments Inc. raised its stake in Tapestry by 120.1% in the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after purchasing an additional 197 shares during the last quarter. Greenline Partners LLC acquired a new position in Tapestry in the 4th quarter valued at about $29,000. Caitong International Asset Management Co. Ltd acquired a new position in Tapestry in the 1st quarter valued at about $29,000. Coppell Advisory Solutions LLC raised its stake in Tapestry by 40.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after purchasing an additional 150 shares during the last quarter. Finally, Opal Wealth Advisors LLC acquired a new position in Tapestry in the 1st quarter valued at about $35,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Stock Down 15.4%

NYSE TPR opened at $96.01 on Friday. The stock has a market cap of $19.94 billion, a PE ratio of 25.26, a P/E/G ratio of 2.28 and a beta of 1.51. Tapestry, Inc. has a fifty-two week low of $38.09 and a fifty-two week high of $114.05. The business has a 50 day moving average price of $96.44 and a two-hundred day moving average price of $82.49. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, beating the consensus estimate of $1.02 by $0.02. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.67 billion. During the same period in the prior year, the business posted $0.92 EPS. The business's revenue was up 8.3% on a year-over-year basis. As a group, sell-side analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be given a $0.40 dividend. This is a positive change from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 1.7%. Tapestry's dividend payout ratio (DPR) is currently 36.84%.

Wall Street Analyst Weigh In

TPR has been the subject of several analyst reports. Morgan Stanley boosted their target price on shares of Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Citigroup boosted their target price 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. Barclays reaffirmed an "overweight" rating and set a $105.00 price objective (up previously from $98.00) on shares of Tapestry in a research note on Friday, July 11th. TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price on the stock in a research report on Thursday, June 12th. Finally, Cowen restated a "buy" rating on shares of Tapestry in a report on Thursday, August 7th. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $102.67.

Tapestry Company 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.

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