HB Wealth Management LLC Boosts Stock Position in Tapestry, Inc. (NYSE:TPR)

HB Wealth Management LLC increased its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 36.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 9,699 shares of the luxury accessories retailer’s stock after acquiring an additional 2,584 shares during the quarter. HB Wealth Management LLC’s holdings in Tapestry were worth $683,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Greenline Partners LLC purchased a new position in shares of Tapestry during the fourth quarter worth about $29,000. MorganRosel Wealth Management LLC purchased a new position in shares of Tapestry during the first quarter worth about $35,000. Opal Wealth Advisors LLC purchased a new position in shares of Tapestry during the first quarter worth about $35,000. Coppell Advisory Solutions LLC raised its stake in shares of Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after purchasing an additional 150 shares during the last quarter. Finally, Private Trust Co. NA lifted its holdings in shares of Tapestry by 27.2% during the first quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 153 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the business’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 sale, the vice president directly owned 40,922 shares of the company’s stock, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd Kahn sold 40,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer directly owned 116,062 shares in the company, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by insiders.

Tapestry Trading Up 0.7%

NYSE:TPR opened at $108.12 on Thursday. The business’s 50-day moving average price is $89.83 and its two-hundred day moving average price is $79.64. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $110.44. The firm has a market capitalization of $22.46 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 2.21 and a beta of 1.47. 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 posted its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.14. The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 earnings per share. On average, equities analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on TPR shares. Citigroup raised their price objective on shares of Tapestry from $81.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Wall Street Zen cut Tapestry from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 18th. The Goldman Sachs Group lifted their price target on shares of Tapestry from $84.00 to $93.00 and gave the company a “buy” rating in a research report on Friday, May 9th. TD Cowen upgraded Tapestry from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a research report on Thursday, June 12th. Finally, Raymond James Financial restated an “outperform” rating and issued a $115.00 price target (up previously from $85.00) on shares of Tapestry in a research report on Tuesday, July 22nd. Four research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $96.17.

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.