Private Advisor Group LLC Buys Shares of 9,125 Tapestry, Inc. (NYSE:TPR)

Private Advisor Group LLC purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,125 shares of the luxury accessories retailer’s stock, valued at approximately $393,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brown Brothers Harriman & Co. raised its holdings in shares of Tapestry by 340.7% during the first quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock worth $25,000 after purchasing an additional 511 shares during the period. Alpha Paradigm Partners LLC bought a new stake in shares of Tapestry during the third quarter valued at approximately $26,000. Allworth Financial LP increased its holdings in shares of Tapestry by 196.8% during the first quarter. Allworth Financial LP now owns 659 shares of the luxury accessories retailer’s stock valued at $28,000 after purchasing an additional 437 shares during the period. ING Groep NV bought a new stake in shares of Tapestry during the 1st quarter worth about $29,000. Finally, GPS Wealth Strategies Group LLC acquired a new stake in Tapestry in the first quarter worth approximately $41,000. Institutional investors own 92.12% of the company’s stock.

Tapestry Trading Up 1.1 %

Tapestry stock opened at $33.70 on Monday. The business’s 50-day simple moving average is $39.78 and its 200-day simple moving average is $41.12. Tapestry, Inc. has a 52 week low of $27.53 and a 52 week high of $47.48. The firm has a market capitalization of $7.66 billion, a PE ratio of 8.69, a PEG ratio of 0.70 and a beta of 1.46. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.12 and a current ratio of 1.84.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, August 17th. The luxury accessories retailer reported $0.95 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.02). Tapestry had a return on equity of 41.10% and a net margin of 14.05%. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the firm earned $0.78 earnings per share. The firm’s quarterly revenue was down .3% compared to the same quarter last year. Equities research analysts forecast that Tapestry, Inc. will post 4.13 earnings per share for the current year.

Tapestry Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Friday, September 8th will be issued a dividend of $0.35 per share. This is an increase from Tapestry’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, September 7th. This represents a $1.40 annualized dividend and a dividend yield of 4.15%. Tapestry’s payout ratio is presently 36.08%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Raymond James lowered their price objective on shares of Tapestry from $50.00 to $47.00 and set an “outperform” rating on the stock in a research note on Friday, August 18th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $49.00 target price on shares of Tapestry in a research report on Thursday, August 17th. Barclays upgraded Tapestry from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $47.00 to $59.00 in a research report on Tuesday, August 1st. Edward Jones lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Tapestry from $54.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, August 18th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.46.

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.