3,543 Shares in Tapestry, Inc. (NYSE:TPR) Bought by CMC Financial Group

CMC Financial Group purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) during the 1st quarter, Holdings Channel.com reports. The firm purchased 3,543 shares of the luxury accessories retailer’s stock, valued at approximately $249,000. Tapestry comprises approximately 0.6% of CMC Financial Group’s investment portfolio, making the stock its 28th biggest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Apollon Wealth Management LLC acquired a new stake in Tapestry during the 4th quarter worth $328,000. Charles Schwab Investment Management Inc. increased its stake in Tapestry by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after purchasing an additional 382,856 shares during the period. Abacus FCF Advisors LLC increased its stake in Tapestry by 46.2% in the fourth quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer’s stock valued at $2,972,000 after purchasing an additional 14,384 shares during the period. Principal Financial Group Inc. increased its stake in Tapestry by 14.6% in the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer’s stock valued at $20,195,000 after purchasing an additional 39,298 shares during the period. Finally, Pzena Investment Management LLC acquired a new position in Tapestry in the fourth quarter valued at $18,737,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TPR has been the topic of a number of recent research reports. Morgan Stanley upgraded shares of Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective on the stock in a research note on Thursday, May 8th. Raymond James restated an “outperform” rating and issued a $85.00 price objective (up from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Citigroup lifted their price objective on shares of Tapestry from $81.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Guggenheim lifted their price objective on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective on the stock in a research note on Tuesday, February 18th. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $83.89.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 1,399 shares of the firm’s stock in a transaction 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 completion of the sale, the vice president now directly owns 40,922 shares of the company’s stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Kahn sold 40,000 shares of the firm’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 sale, the chief executive officer now directly owns 116,062 shares of the company’s stock, valued at approximately $9,447,446.80. The trade was 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.

Tapestry Stock Performance

Shares of TPR stock opened at $79.00 on Friday. The firm has a market capitalization of $16.41 billion, a price-to-earnings ratio of 22.90, a price-to-earnings-growth ratio of 2.01 and a beta of 1.46. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The company has a 50 day moving average price of $72.64 and a 200 day moving average price of $71.86.

Tapestry (NYSE:TPR) last released its quarterly earnings data 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. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The company’s revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.81 EPS. Sell-side analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Friday, June 6th. Tapestry’s payout ratio is currently 36.84%.

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.