West Michigan Advisors LLC Invests $453,000 in Tapestry, Inc. (NYSE:TPR)

Key Points

• West Michigan Advisors LLC made a new investment of approximately $453,000 in Tapestry, Inc., purchasing 6,431 shares in the luxury accessories retailer during the first quarter.
• Tapestry reported an earnings per share (EPS) of $1.03 for the last quarter, exceeding analyst expectations of $0.89, with a 6.9% increase in revenue year-over-year.
• The company declared a quarterly dividend of $0.35 per share, which represents a 1.3% yield on an annualized basis and a payout ratio of 36.84%.

West Michigan Advisors LLC acquired a new position in Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 6,431 shares of the luxury accessories retailer's stock, valued at approximately $453,000.

Other institutional investors have also added to or reduced their stakes in the company. Harbour Investments Inc. increased 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 valued at $25,000 after buying an additional 197 shares in the last quarter. Greenline Partners LLC acquired a new position in shares of Tapestry during the fourth quarter worth approximately $29,000. MorganRosel Wealth Management LLC bought a new position in shares of Tapestry in the 1st quarter worth $35,000. Opal Wealth Advisors LLC acquired a new stake in Tapestry in the 1st quarter valued at $35,000. Finally, Coppell Advisory Solutions LLC raised its holdings in Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after buying an additional 150 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. The Goldman Sachs Group boosted their price objective on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Argus upped their price target on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. JPMorgan Chase & Co. lifted their price objective on shares of Tapestry from $104.00 to $145.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Wells Fargo & Company reiterated an "overweight" rating and issued a $100.00 target price (up previously from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Finally, UBS Group restated a "neutral" rating and set a $112.00 price target (up from $73.00) on shares of Tapestry in a report on Monday. Four research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $99.72.

Insiders Place Their Bets

In related news, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction dated 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 directly owned 116,062 shares of the company's stock, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the sale, the vice president owned 40,922 shares of the company's stock, valued at $3,350,693.36. The trade was a 3.31% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by corporate insiders.

Tapestry Price Performance

NYSE TPR traded down $3.80 during trading on Thursday, reaching $108.35. The company's stock had a trading volume of 6,014,059 shares, compared to its average volume of 3,947,390. The firm has a fifty day moving average of $93.55 and a 200 day moving average of $81.32. Tapestry, Inc. has a one year low of $36.69 and a one year high of $113.08. The stock has a market capitalization of $22.50 billion, a PE ratio of 28.51, a P/E/G ratio of 2.26 and a beta of 1.51. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results 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 net margin of 12.50% and a return on equity of 51.84%. The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter in the previous year, the company earned $0.81 EPS. The business's quarterly revenue was up 6.9% compared to the same quarter last year. Analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

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.