519,493 Shares in Tapestry, Inc. (NYSE:TPR) Purchased by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC bought a new position in Tapestry, Inc. (NYSE:TPR - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 519,493 shares of the luxury accessories retailer's stock, valued at approximately $36,578,000. Wedge Capital Management L L P NC owned approximately 0.25% of Tapestry at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in TPR. Ameriprise Financial Inc. grew its position in Tapestry by 4.8% during the 4th 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. boosted its position in shares of Tapestry by 5.0% in the fourth 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 grew its holdings in shares of Tapestry by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock valued at $376,247,000 after buying an additional 176,717 shares in the last quarter. Alliancebernstein L.P. raised its position in Tapestry by 15.2% during the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock valued at $270,304,000 after buying an additional 546,497 shares during the period. Finally, Northern Trust Corp raised its position 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 valued at $183,909,000 after buying an additional 83,222 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Down 0.3%

Tapestry stock traded down $0.22 during mid-day trading on Friday, hitting $79.00. 2,406,856 shares of the company's stock were exchanged, compared to its average volume of 4,266,969. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The stock has a 50 day moving average of $72.64 and a two-hundred day moving average of $71.97. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The stock has a market cap of $16.41 billion, a P/E ratio of 22.90, a P/E/G ratio of 2.01 and a beta of 1.46.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the company posted $0.81 EPS. The firm's revenue was up 6.9% on a year-over-year basis. As a group, analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

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 $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend is Friday, June 6th. Tapestry's dividend payout ratio is 36.84%.

Insider Activity

In related news, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction 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 transaction, the vice president now directly owns 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Todd Kahn sold 40,000 shares of the business's 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 transaction, the chief executive officer now directly owns 116,062 shares of the company's stock, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on TPR shares. Wells Fargo & Company restated an "overweight" rating and set a $100.00 price objective (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. The Goldman Sachs Group raised their price target on shares of Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Morgan Stanley raised shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective on the stock in a research report on Thursday, May 8th. JPMorgan Chase & Co. upped their price objective 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. Finally, Robert W. Baird lifted their target price on shares of Tapestry from $93.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $83.89.

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.