OMNI 360 Wealth Inc. Boosts Stake in Tapestry, Inc. (NYSE:TPR)

OMNI 360 Wealth Inc. lifted its holdings in Tapestry, Inc. (NYSE:TPR) by 6.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,157 shares of the luxury accessories retailer’s stock after buying an additional 834 shares during the period. OMNI 360 Wealth Inc.’s holdings in Tapestry were worth $926,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Ameriprise Financial Inc. lifted its stake in shares of Tapestry by 4.8% in the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer’s stock worth $527,799,000 after buying an additional 370,784 shares in the last quarter. Geode Capital Management LLC raised its stake in Tapestry by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer’s stock worth $376,247,000 after purchasing an additional 176,717 shares during the period. Alliancebernstein L.P. raised its stake in Tapestry by 15.2% during the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock worth $270,304,000 after purchasing an additional 546,497 shares during the period. Northern Trust Corp raised its stake in Tapestry by 3.0% during the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer’s stock worth $183,909,000 after purchasing an additional 83,222 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in Tapestry by 593.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer’s stock worth $143,198,000 after purchasing an additional 1,875,753 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of the company’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the sale, the chief executive officer owned 116,062 shares in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their position. The transaction 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 company’s stock in a transaction on Monday, May 12th. The shares were 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 owned 40,922 shares of the company’s stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Telsey Advisory Group reaffirmed an “outperform” rating and set a $92.00 target price on shares of Tapestry in a research note on Friday, May 9th. TD Cowen upgraded shares of Tapestry from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a research report on Thursday, June 12th. Wall Street Zen upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Tuesday, May 13th. 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 research report on Thursday, May 8th. Finally, Cowen upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, June 12th. Three investment 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, the stock has an average rating of “Moderate Buy” and an average price target of $88.78.

Tapestry Stock Down 0.2%

Shares of NYSE:TPR opened at $92.27 on Tuesday. The company has a market capitalization of $19.16 billion, a PE ratio of 24.22, a P/E/G ratio of 1.86 and a beta of 1.47. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $93.50. The firm has a 50 day simple moving average of $81.09 and a 200-day simple moving average of $75.42.

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

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date was Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.52%. Tapestry’s dividend payout ratio is presently 36.84%.

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.