MV Capital Management Inc. Increases Holdings in Tapestry, Inc. (NYSE:TPR)

MV Capital Management Inc. boosted its position in Tapestry, Inc. (NYSE:TPR) by 250.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,265 shares of the luxury accessories retailer’s stock after buying an additional 904 shares during the quarter. MV Capital Management Inc.’s holdings in Tapestry were worth $89,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Greenline Partners LLC purchased a new stake in shares of Tapestry in the 4th quarter valued at $29,000. Coppell Advisory Solutions LLC lifted its stake in Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after purchasing an additional 150 shares during the last quarter. Venturi Wealth Management LLC boosted its position in Tapestry by 78.0% during the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after buying an additional 252 shares during the period. Canada Post Corp Registered Pension Plan bought a new position in shares of Tapestry during the fourth quarter valued at about $48,000. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of Tapestry by 25.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer’s stock worth $68,000 after buying an additional 194 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Trading Up 2.3%

NYSE:TPR opened at $81.74 on Thursday. 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 company’s 50-day simple moving average is $73.40 and its 200 day simple moving average is $72.34. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The firm has a market capitalization of $16.98 billion, a P/E ratio of 23.69, a PEG ratio of 2.01 and a beta of 1.46.

Tapestry (NYSE:TPR) last posted its 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. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 EPS. As a group, analysts forecast 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 paid a $0.35 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.71%. Tapestry’s dividend payout ratio (DPR) is currently 36.84%.

Insider Buying and Selling

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The shares were 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 owns 116,062 shares of the company’s stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of the business’s 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 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 disclosure for this sale can be found here. 1.18% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on TPR shares. Barclays raised their price target on Tapestry from $83.00 to $98.00 and gave the stock an “overweight” rating in a research report on Monday, May 12th. The Goldman Sachs Group lifted their target price on shares of 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 shares of Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price target for the company in a report on Thursday, May 8th. UBS Group raised their price target on shares of Tapestry from $68.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. Finally, Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective on the stock in a research report on Tuesday, February 18th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $83.89.

Tapestry 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.