Focus Partners Advisor Solutions LLC Makes New $212,000 Investment in Tapestry, Inc. (NYSE:TPR)

Focus Partners Advisor Solutions LLC acquired a new position in Tapestry, Inc. (NYSE:TPR) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,252 shares of the luxury accessories retailer’s stock, valued at approximately $212,000.

Other large investors have also recently bought and sold shares of the company. Apollon Wealth Management LLC acquired a new stake in Tapestry in the fourth quarter valued at $328,000. Charles Schwab Investment Management Inc. grew its holdings in 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 valued at $522,471,000 after purchasing an additional 382,856 shares during the last quarter. Abacus FCF Advisors LLC grew its holdings in Tapestry by 46.2% in the fourth quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer’s stock valued at $2,972,000 after purchasing an additional 14,384 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Tapestry by 14.6% in the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer’s stock valued at $20,195,000 after purchasing an additional 39,298 shares during the last quarter. Finally, Pzena Investment Management LLC acquired a new stake in Tapestry in the fourth quarter valued at $18,737,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

TPR has been the topic of several research reports. Wells Fargo & Company reissued 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. The Goldman Sachs Group upped their target price on Tapestry from $84.00 to $93.00 and gave the company a “buy” rating in a report on Friday, May 9th. Redburn Atlantic raised Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective on the stock in a research note on Tuesday, February 18th. Barclays increased their price objective on Tapestry from $83.00 to $98.00 and gave the company an “overweight” rating in a research note on Monday, May 12th. Finally, Morgan Stanley raised Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective on the stock in a research note on Thursday, May 8th. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.89.

Tapestry Stock Down 2.7%

Shares of NYSE:TPR opened at $76.87 on Tuesday. The stock’s 50-day moving average price is $71.52 and its two-hundred day moving average price is $70.55. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The firm has a market cap of $15.96 billion, a price-to-earnings ratio of 22.28, a PEG ratio of 2.01 and a beta of 1.41.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the company earned $0.81 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. On average, research analysts forecast that Tapestry, Inc. will post 4.91 EPS 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 issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.82%. Tapestry’s dividend payout ratio (DPR) is 36.84%.

Insider Transactions at Tapestry

In other 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 value of $3,256,000.00. Following the transaction, the chief executive officer now directly owns 116,062 shares in the company, valued at $9,447,446.80. This trade represents a 25.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now owns 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.18% of the company’s stock.

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.