TCW Group Inc. Boosts Stock Holdings in Tapestry, Inc. (NYSE:TPR)

TCW Group Inc. increased its position in shares of Tapestry, Inc. (NYSE:TPR) by 2.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 675,369 shares of the luxury accessories retailer’s stock after buying an additional 18,156 shares during the period. TCW Group Inc. owned 0.33% of Tapestry worth $47,553,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TPR. LPL Financial LLC boosted its position in Tapestry by 10.1% during the first quarter. LPL Financial LLC now owns 134,611 shares of the luxury accessories retailer’s stock worth $9,478,000 after purchasing an additional 12,353 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Tapestry by 2.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 60,917 shares of the luxury accessories retailer’s stock worth $4,289,000 after purchasing an additional 1,309 shares in the last quarter. Empirical Finance LLC raised its position in shares of Tapestry by 2.2% during the 1st quarter. Empirical Finance LLC now owns 20,337 shares of the luxury accessories retailer’s stock worth $1,432,000 after purchasing an additional 444 shares during the last quarter. Integrated Investment Consultants LLC acquired a new stake in Tapestry in the 1st quarter worth about $1,209,000. Finally, HB Wealth Management LLC raised its holdings in shares of Tapestry by 36.3% during the first quarter. HB Wealth Management LLC now owns 9,699 shares of the luxury accessories retailer’s stock valued at $683,000 after acquiring an additional 2,584 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Activity at Tapestry

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the company’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction 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. This represents a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president owned 40,922 shares of the company’s stock, valued at approximately $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 Price Performance

NYSE:TPR opened at $108.37 on Friday. The company has a market capitalization of $22.51 billion, a P/E ratio of 28.52, a P/E/G ratio of 2.23 and a beta of 1.47. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $110.22. The stock’s fifty day moving average is $88.21 and its two-hundred day moving average is $78.87.

Tapestry (NYSE:TPR) last issued its quarterly earnings data 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 net margin of 12.50% and a return on equity of 51.84%. 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 EPS. Tapestry’s revenue was up 6.9% on a year-over-year basis. Equities analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.29%. Tapestry’s dividend payout ratio is currently 36.84%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $100.00 price target (up from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. Cowen raised shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, June 12th. Telsey Advisory Group reiterated an “outperform” rating and issued a $92.00 target price on shares of Tapestry in a research report on Friday, May 9th. Barclays reissued an “overweight” rating and issued a $105.00 price target (up from $98.00) on shares of Tapestry in a research note on Friday, July 11th. Finally, Argus upped their price objective on shares of Tapestry from $78.00 to $92.00 and gave the company a “buy” rating in a research note on Tuesday, June 17th. Three investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.83.

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.