Ritholtz Wealth Management Increases Stake in Tapestry, Inc. (NYSE:TPR)

Ritholtz Wealth Management increased its position in shares of Tapestry, Inc. (NYSE:TPR) by 23.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,633 shares of the luxury accessories retailer’s stock after buying an additional 2,953 shares during the period. Ritholtz Wealth Management’s holdings in Tapestry were worth $1,101,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new position in Tapestry in the first quarter worth approximately $35,000. Wealth Enhancement Advisory Services LLC lifted its stake in Tapestry by 21.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 94,205 shares of the luxury accessories retailer’s stock worth $6,633,000 after acquiring an additional 16,407 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its stake in Tapestry by 47.9% in the first quarter. NorthCrest Asset Manangement LLC now owns 4,643 shares of the luxury accessories retailer’s stock worth $327,000 after acquiring an additional 1,504 shares during the last quarter. Fifth Third Bancorp lifted its stake in Tapestry by 7.6% in the first quarter. Fifth Third Bancorp now owns 18,834 shares of the luxury accessories retailer’s stock worth $1,326,000 after acquiring an additional 1,331 shares during the last quarter. Finally, USA Financial Formulas purchased a new position in Tapestry in the first quarter worth approximately $982,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Trading Down 1.8%

Shares of TPR stock opened at $82.79 on Wednesday. The business’s 50 day moving average is $74.95 and its two-hundred day moving average is $73.00. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The company has a market capitalization of $17.19 billion, a P/E ratio of 21.79, a price-to-earnings-growth ratio of 1.87 and a beta of 1.46. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share 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 company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the business posted $0.81 EPS. The company’s revenue was up 6.9% on a year-over-year basis. Equities analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Investors 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 dividend on an annualized basis and a dividend yield of 1.69%. Tapestry’s dividend payout ratio (DPR) is presently 36.84%.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred 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 sale, the vice president now directly owns 40,922 shares in the company, valued at $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the sale, the chief executive officer now owns 116,062 shares in the company, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.18% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on TPR shares. Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price target for the company in a research note on Tuesday, February 18th. 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 research report on Friday, May 9th. TD Cowen raised Tapestry from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a research report on Thursday, June 12th. Wall Street Zen raised Tapestry from a “hold” rating to a “buy” rating in a research report on Tuesday, May 13th. Finally, Cowen raised Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, June 12th. Three equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $88.78.

Tapestry 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.