Focus Partners Wealth Has $1.30 Million Holdings in Tapestry, Inc. (NYSE:TPR)

Focus Partners Wealth increased its holdings in Tapestry, Inc. (NYSE:TPR) by 33.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,816 shares of the luxury accessories retailer’s stock after purchasing an additional 4,952 shares during the quarter. Focus Partners Wealth’s holdings in Tapestry were worth $1,295,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Ameriprise Financial Inc. increased 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 valued at $527,799,000 after buying an additional 370,784 shares during the period. Charles Schwab Investment Management Inc. boosted 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 acquiring an additional 382,856 shares during the last quarter. Geode Capital Management LLC increased its position in Tapestry by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer’s stock valued at $376,247,000 after purchasing an additional 176,717 shares during the period. Alliancebernstein L.P. increased its position in Tapestry by 15.2% during the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock valued at $270,304,000 after purchasing an additional 546,497 shares during the period. Finally, Northern Trust Corp raised its holdings in Tapestry by 3.0% during the 4th 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 last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Down 0.6%

Shares of NYSE:TPR opened at $82.77 on Friday. The business’s 50 day moving average is $70.53 and its 200 day moving average is $69.15. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The stock has a market cap of $17.19 billion, a price-to-earnings ratio of 23.99, a PEG ratio of 2.01 and a beta of 1.41. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last posted its quarterly earnings data 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 net margin of 11.74% and a return on equity of 44.00%. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the firm earned $0.81 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.69%. Tapestry’s dividend payout ratio (DPR) is 36.84%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on TPR. Barclays upped their price objective on shares of Tapestry from $83.00 to $98.00 and gave the company an “overweight” rating in a research note on Monday, May 12th. Guggenheim increased their price target on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 7th. JPMorgan Chase & Co. boosted their price objective on Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Raymond James restated an “outperform” rating and set a $85.00 target price (up previously from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Finally, Evercore ISI boosted their target price on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Four investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, Tapestry has an average rating of “Moderate Buy” and an average target price of $83.89.

Insiders Place Their Bets

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares in the company, valued at $3,397,592. This represents a 23.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the sale, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. This represents a 14.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 107,936 shares of company stock valued at $9,101,139 in the last 90 days. 1.18% of the stock is currently 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.