Meeder Advisory Services Inc. Buys New Shares in Tapestry, Inc. (NYSE:TPR)

Meeder Advisory Services Inc. purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the first quarter, Holdings Channel.com reports. The firm purchased 3,416 shares of the luxury accessories retailer’s stock, valued at approximately $241,000.

A number of other institutional investors also recently bought and sold shares of TPR. Greenline Partners LLC acquired a new position in Tapestry in the 4th quarter valued at about $29,000. MorganRosel Wealth Management LLC acquired a new position in Tapestry in the 1st quarter valued at about $35,000. Opal Wealth Advisors LLC purchased a new stake in Tapestry in the 1st quarter valued at approximately $35,000. Coppell Advisory Solutions LLC boosted its holdings in Tapestry by 40.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock valued at $34,000 after purchasing an additional 150 shares in the last quarter. Finally, Private Trust Co. NA boosted its holdings in Tapestry by 27.2% in the 1st quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 153 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Down 1.6%

Shares of Tapestry stock opened at $106.32 on Friday. The business has a 50-day moving average of $91.01 and a 200-day moving average of $80.19. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The company has a market capitalization of $22.08 billion, a PE ratio of 27.98, a P/E/G ratio of 2.18 and a beta of 1.51. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $110.44.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm earned $0.81 earnings per share. As a group, equities analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry’s payout ratio is 36.84%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Bank of America lowered Tapestry from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $95.00 to $115.00 in a report on Tuesday. TD Cowen raised Tapestry from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a research note on Thursday, June 12th. Telsey Advisory Group reissued an “outperform” rating and set a $92.00 price target on shares of Tapestry in a research note on Friday, May 9th. Cowen raised Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, June 12th. Finally, Citigroup upped their target price on Tapestry from $81.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Four research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and an average target price of $97.56.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 40,000 shares of the firm’s stock in a transaction that occurred 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 owned 116,062 shares in the company, valued at $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the transaction, the vice president owned 40,922 shares in the company, valued at $3,350,693.36. This represents a 3.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.18% of the company’s stock.

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.