Opal Wealth Advisors LLC Invests $35,000 in Tapestry, Inc. (NYSE:TPR)

Opal Wealth Advisors LLC acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 504 shares of the luxury accessories retailer’s stock, valued at approximately $35,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TPR. Southpoint Capital Advisors LP purchased a new position in shares of Tapestry during the 4th quarter valued at approximately $130,660,000. Price T Rowe Associates Inc. MD lifted its position in shares of Tapestry by 593.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer’s stock valued at $143,198,000 after buying an additional 1,875,753 shares in the last quarter. Norges Bank purchased a new position in shares of Tapestry during the 4th quarter valued at approximately $114,199,000. Point72 Asset Management L.P. purchased a new position in shares of Tapestry during the 4th quarter valued at approximately $101,433,000. Finally, Candlestick Capital Management LP purchased a new position in Tapestry in the 4th quarter valued at $66,902,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

NYSE TPR opened at $84.23 on Tuesday. The company has a market cap of $17.49 billion, a P/E ratio of 24.42, a P/E/G ratio of 2.01 and a beta of 1.46. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The stock has a 50-day moving average of $74.64 and a two-hundred day moving average of $72.93. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 EPS. As a group, analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.66%. The ex-dividend date is Friday, June 6th. Tapestry’s payout ratio is 36.84%.

Insider Buying and Selling

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 stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the completion of the sale, the vice president now owns 40,922 shares in the company, valued at $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the sale, the chief executive officer now owns 116,062 shares of the company’s stock, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Barclays raised their price objective on Tapestry from $83.00 to $98.00 and gave the company an “overweight” rating in a report on Monday, May 12th. The Goldman Sachs Group raised their price objective on Tapestry from $84.00 to $93.00 and gave the company a “buy” rating in a report on Friday, May 9th. Cowen upgraded Tapestry from a “hold” rating to a “buy” rating in a report on Thursday. Telsey Advisory Group restated an “outperform” rating and issued a $92.00 price objective on shares of Tapestry in a report on Friday, May 9th. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $100.00 price objective (up previously from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Three analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.56.

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.