Atria Wealth Solutions Inc. Buys Shares of 6,630 Tapestry, Inc. (NYSE:TPR)

Atria Wealth Solutions Inc. purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,630 shares of the luxury accessories retailer’s stock, valued at approximately $244,000.

Other hedge funds also recently modified their holdings of the company. Bell Investment Advisors Inc raised its stake in Tapestry by 718.1% during the 3rd quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock valued at $27,000 after purchasing an additional 833 shares during the last quarter. AllSquare Wealth Management LLC raised its position in shares of Tapestry by 35.1% during the third quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock valued at $47,000 after buying an additional 423 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of Tapestry by 56.9% in the third quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock valued at $53,000 after buying an additional 668 shares during the period. Allworth Financial LP grew its position in Tapestry by 62.0% during the fourth quarter. Allworth Financial LP now owns 1,620 shares of the luxury accessories retailer’s stock worth $60,000 after buying an additional 620 shares in the last quarter. Finally, Wolverine Asset Management LLC bought a new position in Tapestry during the third quarter valued at about $63,000. 90.77% of the stock is owned by institutional investors.

Tapestry Trading Up 3.6 %

TPR stock opened at $40.37 on Friday. The business has a fifty day moving average price of $43.64 and a 200 day moving average price of $38.64. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68. Tapestry, Inc. has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The stock has a market capitalization of $9.26 billion, a price-to-earnings ratio of 10.19, a P/E/G ratio of 0.81 and a beta of 1.61.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.14. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.50 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period last year, the company posted $0.78 earnings per share. Analysts expect that Tapestry, Inc. will post 4.23 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 24th. Shareholders of record on Friday, June 7th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.47%. Tapestry’s dividend payout ratio is presently 35.35%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TPR. Wells Fargo & Company raised their price objective on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. OTR Global reiterated a “mixed” rating on shares of Tapestry in a research note on Wednesday, April 17th. Telsey Advisory Group restated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research note on Thursday. Raymond James lifted their target price on shares of Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. Finally, StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.82.

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.