NorthRock Partners LLC Acquires New Position in Tapestry, Inc. (NYSE:TPR)

NorthRock Partners LLC bought a new position in Tapestry, Inc. (NYSE:TPR) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,341 shares of the luxury accessories retailer’s stock, valued at approximately $284,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Park Avenue Securities LLC raised its holdings in Tapestry by 31.5% during the 4th quarter. Park Avenue Securities LLC now owns 9,572 shares of the luxury accessories retailer’s stock worth $625,000 after buying an additional 2,294 shares during the period. Legacy Wealth Asset Management LLC purchased a new position in Tapestry during the 4th quarter valued at about $342,000. Ritholtz Wealth Management grew its stake in shares of Tapestry by 28.2% in the 4th quarter. Ritholtz Wealth Management now owns 12,680 shares of the luxury accessories retailer’s stock valued at $828,000 after buying an additional 2,793 shares in the last quarter. Merit Financial Group LLC bought a new stake in shares of Tapestry in the 4th quarter valued at approximately $797,000. Finally, Verity & Verity LLC bought a new stake in shares of Tapestry in the 4th quarter valued at approximately $254,000. Institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

NYSE TPR opened at $82.77 on Friday. 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, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company has a market capitalization of $17.19 billion, a PE ratio of 23.99, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. The firm’s 50 day moving average is $70.53 and its 200-day moving average is $69.15.

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, beating analysts’ consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The firm’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company earned $0.81 earnings per share. Equities research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.69%. Tapestry’s payout ratio is 36.84%.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 40,000 shares of the business’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the transaction, the chief executive officer now directly owns 116,062 shares in the company, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $114,550.12. Following the transaction, the vice president now owns 40,922 shares in the company, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,936 shares of company stock worth $9,101,139. Insiders own 1.18% of the company’s stock.

Wall Street Analyst Weigh In

TPR has been the subject of several analyst reports. Jefferies Financial Group boosted their target price on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Guggenheim increased their price objective on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Raymond James restated an “outperform” rating and issued a $85.00 target price (up from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Morgan Stanley upgraded Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective for the company in a research note on Thursday, May 8th. Finally, Redburn Atlantic upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective for the company in a research note on Tuesday, February 18th. Four equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $83.89.

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.