Kingsview Wealth Management LLC Purchases 36,714 Shares of Tapestry, Inc. (NYSE:TPR)

Kingsview Wealth Management LLC boosted its position in shares of Tapestry, Inc. (NYSE:TPR) by 518.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 43,796 shares of the luxury accessories retailer’s stock after purchasing an additional 36,714 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Tapestry were worth $3,084,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Greenline Partners LLC bought a new stake in Tapestry during the 4th quarter worth approximately $29,000. Coppell Advisory Solutions LLC increased its stake in Tapestry by 40.7% during the 4th 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 in the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Tapestry during the 1st quarter worth approximately $35,000. MorganRosel Wealth Management LLC bought a new position in shares of Tapestry during the 1st quarter worth approximately $35,000. Finally, Canada Post Corp Registered Pension Plan bought a new position in shares of Tapestry during the 4th quarter worth approximately $48,000. 90.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TPR has been the subject of several analyst reports. Morgan Stanley raised shares of Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 target price for the company in a research note on Thursday, May 8th. Barclays reaffirmed an “overweight” rating and set a $105.00 price target (up previously from $98.00) on shares of Tapestry in a report on Friday, July 11th. Raymond James Financial reissued an “outperform” rating and set a $85.00 target price (up previously from $74.00) on shares of Tapestry in a report on Friday, May 9th. Argus boosted their price target on Tapestry from $78.00 to $92.00 and gave the company a “buy” rating in a research note on Tuesday, June 17th. Finally, Cowen raised Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, June 12th. Three investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.17.

Tapestry Price Performance

Tapestry stock opened at $103.41 on Friday. The stock’s 50 day moving average is $85.74 and its 200 day moving average is $77.38. 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 firm has a market cap of $21.48 billion, a P/E ratio of 27.21, a P/E/G ratio of 2.11 and a beta of 1.47. Tapestry, Inc. has a one year low of $35.23 and a one year high of $104.23.

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, beating the consensus estimate of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. The company’s revenue was up 6.9% compared to the same quarter last year. As a group, research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced 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. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date was Friday, June 6th. Tapestry’s payout ratio is 36.84%.

Insider Buying and Selling

In other news, VP Manesh Dadlani sold 1,399 shares of the company’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 transaction, the vice president directly owned 40,922 shares of the company’s stock, valued at $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Kahn sold 40,000 shares of the company’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 transaction, the chief executive officer directly owned 116,062 shares in the company, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is owned by corporate insiders.

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.