Tapestry, Inc. (NYSE:TPR) Shares Acquired by Ritholtz Wealth Management

Ritholtz Wealth Management lifted its position in shares of Tapestry, Inc. (NYSE:TPR) by 23.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,633 shares of the luxury accessories retailer’s stock after buying an additional 2,953 shares during the quarter. Ritholtz Wealth Management’s holdings in Tapestry were worth $1,101,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new position in shares of Tapestry during the 1st quarter worth $35,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Tapestry by 21.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 94,205 shares of the luxury accessories retailer’s stock worth $6,633,000 after buying an additional 16,407 shares during the last quarter. NorthCrest Asset Manangement LLC raised its stake in shares of Tapestry by 47.9% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 4,643 shares of the luxury accessories retailer’s stock worth $327,000 after buying an additional 1,504 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Tapestry by 7.6% during the 1st quarter. Fifth Third Bancorp now owns 18,834 shares of the luxury accessories retailer’s stock worth $1,326,000 after buying an additional 1,331 shares during the last quarter. Finally, USA Financial Formulas acquired a new position in shares of Tapestry during the 1st quarter worth $982,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TPR. The Goldman Sachs Group lifted their price target on Tapestry from $84.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Morgan Stanley upgraded Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective for the company in a research report on Thursday, May 8th. Citigroup lifted their price objective on Tapestry from $81.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Wells Fargo & Company reiterated an “overweight” rating and set a $100.00 price objective (up previously from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $92.00 price objective on shares of Tapestry in a research report on Friday, May 9th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus price target of $88.78.

Insider Activity

In other news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction dated 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 transaction, the chief executive officer now directly owns 116,062 shares of the company’s stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the transaction, the vice president now directly owns 40,922 shares in the company, valued at $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company’s stock.

Tapestry Stock Down 1.8%

TPR opened at $82.79 on Wednesday. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The stock has a market capitalization of $17.19 billion, a price-to-earnings ratio of 21.79, a price-to-earnings-growth ratio of 1.87 and a beta of 1.46. The business has a 50-day moving average of $74.95 and a two-hundred day moving average of $73.00. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.89 by $0.14. The company had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 EPS. On average, research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Friday, June 6th. Tapestry’s dividend payout ratio is currently 36.84%.

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.